Reuters
U.S. crude oil stockpiles rose last week, with flows from Venezuela and Mexico hitting their highest levels since 2024, while gasoline and distillate inventories decreased, the Energy Information Administration reported on Wednesday. Reuters According to the EIA, crude inventories rose by 6.2 million barrels to 449.3 million barrels in the week ended March 13, versus analyst expectations in a Reuters poll for a build of 383,000 barrels.
TL;DR
- U.S. crude oil inventories increased by 6.2 million barrels to 449.3 million barrels, exceeding analyst expectations.
- Gasoline stocks decreased by 5.4 million barrels, and distillate inventories fell by 2.5 million barrels.
- Crude oil imports from Venezuela and Mexico reached their highest levels since late 2024.
- U.S. crude oil exports surged to 4.9 million barrels per day.
- Oil futures rose, with Brent crude at $108.56 and WTI at $98.24 per barrel.
- Geopolitical events in Iran, including threats to energy facilities, are influencing the oil market.
- Refinery processing increased, and utilization rates rose to 91.4%.