Crude inventories increased by 4.1 million barrels, for the week ending February 26, from the previous week to 341.6 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 14.1 million barrels per day during this period, 33 thousand barrels per day below the previous week’s average. U.S. crude oil imports were averaging 9.2 million barrels per day, up 152 thousand barrels per day from the previous week.
The ISM Services Indexincreased to 53 in February, higher than the expected level of 50.7, after rising to 50.5 in January, following an increase to 49.8 in December. The index’s complement, the ISM Manufacturing Index decreased to 56.5 on Monday’s release after increasing to 58.4 in January.
Upcoming Releases
Fed’s Beige Book (03/03 at 2:00 PM EST)
Initial Claims (03/04 at 8:30 AM EST)
Unit Labor Costs (03/04 at 8:30 AM EST)
Non-Farm Productivity (03/04 at 8:30 AM EST)
