The change in crude oil stocks in the US was +2.4 million barrels in the week ending March 12, the weekly report released by the US Energy Information Administration revealed on Wednesday. (EIA). The analysts’ estimate was for an increase of 2.9 million barrels.
Market reaction
With the initial market reaction, crude oil prices fell and a barrel of West Texas Intermediate (WTI) was last seen losing 1.3% on the day to $ 64.05.
Featured statements
“Inputs from US crude oil refineries averaged 13.4 million barrels per day during the week ending March 12, 2021.”
“US crude imports averaged 5.3 million barrels per day last week, 332,000 barrels per day less than the previous week.”
“Total products supplied during the last four-week period averaged 18.8 million barrels per day, 11.1% less than in the same period last year.”
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