The U.S. Energy
Information Administration (EIA) announced on Wednesday that crude inventories increased
by 1.367 million barrels in the week ended March 1, following a rise of 4.199 million
barrels in the previous week. This marked the sixth straight weekly advance in
the U.S. crude inventories. Economists had forecast a gain of 2.116 million
barrels.
At the same
time, gasoline stocks plunged by 4.460 million barrels, recording the fifth
consecutive weekly reduction and the steepest one since the week ended
November 3, 2023 (-6.300 million barrels). Analysts had predicted a draw of 1.640
million barrels. The previous week saw a decline of 2.832 million barrels.
Elsewhere,
distillate stocks tumbled by 4.131 million barrels, recording the seventh
successive weekly drop, the pace
of which was also the sharpest since the week ended May 5, 2023 (-4.170 million barrels).
Analysts had expected a fall of 0.665 million barrels. The previous week registered
a slip of 0.510 million barrels.
Meanwhile, oil
production in the U.S. decreased by 100,000 barrels a day to 13.200 million
barrels per day.
U.S. crude oil
imports averaged 7.2 million barrels per day last week, logging a climb of 837,000
barrels per day from the week before.