US crude oil inventories decline, gasoline falls for 7th week

20/03/2024 Argaam

US crude oil inventories decline, gasoline falls for 7th week

Oil tanks


Crude oil inventories in the United States fell last week, surpassing expectations, while gasoline stockpiles dropped for the seventh week in a row.

 

Energy Information Administration (EIA) data released today, March 20, showed a decline in crude inventories by two million barrels in the week ended March 15, which is the second consecutive week of decline. Average estimates had indicated a decline of 1.2 million barrels.

 

Gasoline stocks decreased by 3.3 million barrels for the seventh week in a row, exceeding expectations of a 2.1 million barrels drop.

 

Meanwhile, distillate stocks, including diesel and heating oil, rose by about 600,000 barrels, contrary to the expectations of a 1.2 million barrels decrease.

 

Crude and derivatives inventories in US (million barrels)

Item

Last Year

Last Week

Current

Weekly Change

Crude oil

481.2

447.0

445

(2.0)

Gasoline

229.6

234.1

230.8

(3.3)

Distillate

116.4

117.9

118.5

+0.6

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