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U.S. Oil Stockpiles Rose 4.3 Million Barrels Last Week: EIA

Published 03/16/2022, 10:22 AM
Updated 03/16/2022, 10:34 AM
© Reuters.

By Sam Boughedda

Investing.com --U.S. oil stockpiles rose more than expected in the latest week, the Energy Information Administration said on Wednesday.

Crude oil inventories rose 4.345m barrels last week, compared with analyst's expectations for a draw of 1.375 million barrels.

Distillate stockpiles, which include diesel and heating oil, rose by 0.332m barrels in the week against expectations for a draw of 1.826 million barrels, the EIA data showed.

Gasoline inventories fell by 3.616 million barrels last week, the EIA said, compared with expectations for a draw of 1.579 million barrels.

Crude oil prices continued their fall Tuesday, down more than 1% on worries surrounding demand from China — the largest oil importer — with the country facing Covid outbreaks in Shenzhen, a city of around 17 million. The city, which is a manufacturing hub, has been put into a stringent lockdown.

Latest comments

Build largely due to 2m bbl release from the SPR last week.  Lipstick on a ***approach to a bigger systemic supply problem.
is this true?
yep due to 2m bbl release from the SPR last week.  Lipstick on a ******approach to a bigger systemic supply problem.  ..
Huge import numbers, very low export numbers, SPR dumps have been steady. At what price will we refill those reserves? I’m bullish. Through 2030
Bulls have started returning their barrels of oil stored in their yard speculating and whining for shortageAll these games are played by whales.
all is lie so we have lot of oil this week ha ha funny American show
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