U.S. crude inventories fell by two million barrels to 445 million barrels in the week ended March 15
U.S. crude oil stockpiles fell unexpectedly last week as exports rose and refiners continued to increase activity, while gasoline inventories decreased more than expected, the Energy Information Administration said on Wednesday.
Crude inventories fell by 2 million barrels to 445 million barrels in the week ended March 15, the EIA said, compared with analysts’ expectations in a Reuters poll for a 13,000-barrel rise.Despite the drawdowns, oil prices extended losses, partly due to weaker gasoline demand, said Bob Yawger, director of energy futures at Mizuho.
“The rally we’ve seen in the past few weeks has been partially because of gasoline but those fundamentals aren’t quite as strong,” he added.Refinery utilization rates rose by 1 percentage point in the week. Gasoline stocks fell by 3.3 million barrels in the week to 230.8 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.3 million-barrel draw.
Distillate stockpiles, which include diesel and heating oil, rose by 624,000 barrels to 118.5 million barrels, versus expectations for an 87,000 drop, EIA data showed.
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