US Oil inventories are very high and rose 800K barrels in Feb 18 week

Via EIA:

Oil inventories in the U.S. are very high, a positive given the risk of supply shock. Commercial oil inventories rose 0.8 million barrels in the February 18 week to 346.7 million, extending a run of builds to six straight weeks. Imports, which now will be getting special attention, were down in the week as were, however, refinery inputs.

Demand side data show a pop higher for gasoline to a year-on-year plus 2.3 percent with jet fuel demand showing special strength at plus 6.9 percent. Strong demand made for draws in both gasoline and distillate inventories despite the slowdown in refinery output where capacity, at 79.4 percent, fell below 80 percent for the first time since February last year.  


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