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Crude oil inventories in the United States saw a large increase of 6.2 million barrels during the week ending March 28, according to new data from the U.S. Energy Information Administration released on Wednesday.
Crude oil prices were trading up 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 6.037 million barrels in U.S. crude oil inventories amid a small gasoline draw. The Brent benchmark was trading up 0.01% at 10:28 a.m. ET at $74.50—a roughly $1 per barrel increase over this same time last week. The WTI benchmark, meanwhile, was trading up 0.18% at $71.33—a roughly $1.60 per barrel rise over last week’s levels.
For total motor gasoline, the EIA estimated that inventories decreased 1.6 million barrels for the week to March 28, with daily production increasing to an average 9.3 million barrels. This compares with an inventory decrease of 1.4 million barrels for the previous week and an average daily production of 9.2 million barrels.
For middle distillates, the EIA estimated an increase of 300,000 barrels, with production increasing to an average of 4.7 million barrels daily. This compares to an inventory dip of 400,000 barrels in the week prior, when production stood at an average of 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 for the second week in a row, averaging 20.1 million barrels per day—a 1.2% decrease from this time last year. Distillate products supplied over the last four weeks are up 3.7% compared to this time last year, while gasoline products supplied were down 1.9% from same period last year.
