US EIA Shows Lower than Expected Crude Inventory Buildup

The U.S. Energy Information Administration on Wednesday reported an eighth straight weekly increase in domestic crude-oil supplies, but it was smaller than the market expected. Crude inventories rose by 1.5 million barrels for the week ended Feb. 24.

The American Petroleum Institute late Tuesday reported a 2.5 million-barrel climb, according to sources, while analysts polled by S&P Global Platts forecast a climb of 2.1 million barrels. Gasoline supplies declined by 500,000 barrels, while distillate stockpiles fell 900,000 barrels last week, according to the EIA. April crude CLJ7, +0.02% was up 32 cents, or 0.6%, at $54.33 a barrel on the New York Mercantile Exchange. It was trading at $54.28 before the supply data.

via MarketWatch

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza