US fuel production, supply increases in March
The US produced 4% more fuel oil per day on average in March thus far compared to February, according to the Energy Information Administration (EIA).
Changes in monthly US residual fuel oil from February to March so far:
- Production up 11,000 b/d to 302,000 b/d
- Supply up 142,000 b/d to 449,000 b/d
- Imports down 14,000 b/d to 134,000 b/d
Volumes of fuel oil supplied out of US storage tanks has surged in March so far. The fuel oil goes to outlets like bunker fuel blenders and bulk terminals, refinery coking units for upgrades to higher-value products, or to power generation.
Supply, which can also imply demand, has increased from 307,000 b/d in February to 449,000 b/d this month so far, the EIA reports.
US refineries have produced 11,000 b/d more fuel oil in March, while imports have decreased by 14,000 b/d.
Total US fuel oil stocks have increased by 609,000 bbls on the month to 24.18 million bbls.
By Gautamee Hazarika
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