Last Week’s US Oil Inventories Increased by 1.6 Million Barrels

The Energy Information Administration said on Wednesday that US inventories of crude oil increased, while inventories of gasoline and distillates declined last week.

Crude inventories rose 1.6 million barrels in the week ending March 10 to 480.1 million barrels. Analysts had predicted, in a Reuters poll, an increase of 1.2 million barrels.

The administration said crude inventories at the Cushing delivery center, in Oklahoma fell 1.9 million barrels last week.

The administration said that the crude oil consumption rate at the refineries increased by 431,000 barrels per day, while the refinery’s operating rate increased by 2.2 percentage points. in that week.

The administration said U.S. gasoline inventories fell 2.1 million barrels in the same week to 236 million barrels, compared with analyst expectations for a decline of 1.8 million barrels.

Data showed distillate inventories, which include diesel and heating oil, fell by 2.5 million barrels in the same week to 119.7 million barrels, compared with expectations for a decline of 1.2 million barrels. barrels.

The administration indicated that net U.S. imports of crude oil fell by 1.72 million barrels a day.