US Oil Inventories Rose Last Week by 867K

U.S. crude stocks rose last week, but refineries hiked output, causing gasoline stocks and distillate inventories to decline, the Energy Information Administration said on Wednesday.

Crude inventories rose by 867,000 barrels in the week ending March 24, compared with analysts’ expectations for an increase of 1.4 million barrels.

Refinery crude runs rose by 425,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.9 percentage points.

Gasoline stocks fell by 3.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.9 million barrels drop.

Distillate stockpiles, which include diesel and heating oil, fell by 2.5 million barrels, versus expectations for a 1.2 million barrels drop, the EIA data showed.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 220,000 barrels, EIA said.

via Reuters

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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