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- EIA’s report reveals a smaller-than-expected build in U.S. crude oil inventories
EIA’s report reveals a smaller-than-expected build in U.S. crude oil inventories
The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories rose by 1.954 million barrels in the week ended March 13. Economists had forecast an increase of 3.256 million barrels.
At the same time, gasoline stocks declined by 6.180 million barrels, while analysts had expected a drop of 2.890 million barrels. Distillate stocks fell by 2.940 million barrels, while analysts had forecast a decrease of 1.963 million barrels.
Meanwhile, oil production in the U.S. grew by 100,000 barrels a day to 13.100 million barrels a day.
U.S. crude oil imports averaged 6.5 million barrels per day last week, up by 127,000 barrels per day from the previous week.
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