Currency Economy

Oil Stockpiles Surged 13.8 Million Barrels Last Week: EIA

Commodities (Mar 10, 2021 10:34AM ET)1Oil Stockpiles Surged 13.8 Million Barrels Last Week: EIA

© Reuters.

By Liz Moyer

Investing.com — U.S. oil stockpiles surged again by an unexpected amount in the latest week, the Energy Information Administration said on Wednesday.

Crude inventories rose 13.798 million barrels last week, compared with analysts’ expectations for a build of 816,000 barrels. In the prior week, the build was a surprisingly large 21.5 million barrels.

Distillate stockpiles, which include diesel and heating oil,  fell 5.5 million barrels in the week against expectations for a draw of 3.53 million barrels, the EIA data showed.

Refinery crude runs rose 2.4 million barrels. The weekly refinery utilization rate was 13%, according to the EIA report.

Gasoline inventories fell 11.869 million barrels last week the EIA said, compared with expectations for a 3.47 million-barrel draw.Oil Stockpiles Surged 13.8 Million Barrels Last Week: EIA1Comments (1)

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