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The EIA reported that commercial crude inventories climbed by 1.4 million barrels for the week that ended March 14. The government agency has now reported three consecutive weekly gains in crude supplies.
According to analysts surveyed by Platts, part of S&P Global Commodity Insights, the data were expected to show an average rise of 1.2 million barrels. Late Tuesday, however, the American Petroleum Institute reported a crude-inventory rise of 4.6 million barrels, according to a source citing the data.
The EIA also reported weekly supply declines of 500,000 barrels of gasoline and 2.8 million barrels of distillates. The survey forecast supply decreases of 2.3 million barrels of gasoline and 370,000 barrels of distillates.
The smaller-than-expected drawdown in gasoline inventories could indicate a “more healthy U.S. appetite for air travel,” said Tradition Energy’s Cunningham, especially in light of the larger-than-expected draw in distillates, which include jet fuel.
The EIA said gasoline demand fell, with total finished motor gasoline supplied, a proxy for demand, at 8.817 million barrels per day in the latest week, versus 9.182 million bpd a week earlier.
U.S. oil production changed little, at 13.57 million bpd in the latest week, the EIA said, while crude stocks at the Cushing, Okla., Nymex delivery hub declined by 1 million barrels to 23.5 million barrels.
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