By Liz Moyer
Investing.com — U.S. oil stockpiles fell more than expected in the latest week, the Energy Information Administration said on Wednesday.
Crude inventories declined 3.522 million barrels last week, compared with analysts’ expectations for a draw of 1.436 million barrels.
Gasoline inventories rose 4.044 million barrels last week the EIA said, compared with expectations for a draw of 221,000 barrels.
“The volatility in U.S. inventory numbers have gone back to staggering levels, reflecting the spring season of tepid fuel demand,” said Investing.com analyst Barani Krishnan. “Thus, we have both crude and gasoline builds that have come in three to four times higher than the previous week and blowing out all conservative estimates. The distillates number is another surprise, expanding at about half of the previous week’s level while coming in nearly three times to forecast. If you talk about striking contrasts, it doesn’t end there. Production is back down, inexplicably to 10.9 million barrels per day or 200,000 bpd below the previous week’s numbers. Exports have roared, meanwhile, to nearly 3.5 million barrels daily from the previous week’s number of below 3.2 million. It’s going to be a very interesting spring, at least from the viewpoint of weekly EIA numbers.”
Crude Stockpile Fell By 3.52 Million Barrels Last Week: EIA
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