The U.S. Energy
Information Administration (EIA) reported on Wednesday that crude inventories fell
by 1.536 million barrels in the week ended March 8, following an increase of 1.367
million barrels in the previous week. This
was the first decrease in the U.S. crude
inventories in seven weeks. Economists
had predicted a rise of 1.338 million barrels.
At the same
time, gasoline stocks plummeted by 5.662 million barrels, recording the sixth
consecutive weekly decline and the sharpest one since the week that ended
November 3, 2023 (-6.300 million barrels). Analysts had forecast a drop of 1.900
million barrels. The previous week witnessed a plunge of 4.460 million barrels.
Elsewhere,
distillate stocks rose by 0.888 million barrels, recording its first
build in eight weeks. Analysts had foreseen a slip of 0.150 million barrels. The previous
week saw a tumble of 4.131 million barrels.
Meanwhile, oil
production in the U.S. decreased by 100,000 barrels a day to 13.100 million
barrels per day.
U.S. crude oil
imports averaged 5.5 million barrels per day last week, recording a reduction of 1.7
million barrels per day from the week before.