• Main
  • Analytics
  • Market News
  • EIA’s report shows an unexpected draw in U.S. weekly crude oil inventories
Economic news
13.03.2024

EIA’s report shows an unexpected draw in U.S. weekly crude oil inventories

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.

See also