Crude oil inventories in the United States saw an increase of 1.7 million barrels during the week ending March 14, according to new data from the U.S. Energy Information Administration released on Wednesday.
Crude oil prices were trading down prior to the crude data release by the U.S. Energy Information Administration after the American Petroleum Institute (API) reported on Tuesday a build of 4.593 million barrels in U.S. crude oil inventories amid a strong gasoline draw. The Brent benchmark was trading down 0.14% at 10:05 a.m. ET at $70.46 —essentially unchanged from this same time last week. The WTI benchmark, meanwhile, was trading down 0.25% at $66.73—down roughly $.50 from last week’s level.
For total motor gasoline, the EIA estimated that inventories decreased by 500,000 barrels for the week to March 14, with production averaging 9.6 million barrels daily. This compares with a large inventory decrease of 5.7 million barrels for the previous week and an average daily production of 9.6 million barrels daily.
For middle distillates, the EIA estimated another inventory decrease, this time of 2.8 million barrels, with production increasing to an average of 4.6 million barrels daily. This compares to an inventory dip of 1.6 million barrels in the week prior, when production stood at an average 4.5 million barrels daily. Distillate inventories are now 6% below the five-year average for this time of year.
Total products supplied over the last four weeks were down week over week, averaging 20.6 million barrels per day—a 2.5% increase over this time last year. Distillate products supplied over the last four weeks are up 8.3% compared to this time last year, while gasoline products supplied were on par with levels from the same period last year.
Oil prices began trading up shortly after release.
By Julianne Geiger for Oilprice.com
