U.S. crude stockpiles rose slightly more than expected in the
week ended March 27, according to data released Wednesday by the
U.S. Energy Information Administration.
Crude-oil stockpiles gained 4.8 million barrels to 471.4 million
barrels, the EIA said. Analysts surveyed by The Wall Street Journal
had predicted a 4.6 million-barrel increase on the week. Stockpiles
remain at the highest in about 80 years, according to the EIA.
Oil stored at Cushing, Okla., the delivery point for U.S.
benchmark oil futures, rose 2.6 million barrels to 58.9 million
barrels, a new all-time high based on weekly data going back to
April 2004.
Gasoline stockpiles fell by 4.3 million barrels to 229.1 million
barrels, the EIA said in its weekly report, the lowest level this
year. Analysts had predicted stockpiles would fall by an average of
900,000 barrels.
Distillate stocks, which include heating oil and diesel fuel,
rose 1.3 million barrels to 127.2 million barrels, the EIA said.
Analysts had expected a 300,000-barrel weekly decrease.
Refining capacity utilization rose 0.4 percentage point to
89.4%. Analysts had predicted the operating rate would rise half a
point from the previous week.
Figures are in millions of barrels, rounded, except for refining
use, which is reported in percentage points. Forecasts are the
average of expectations in a Wall Street Journal survey of analysts
earlier in the week.
Write to Mary de Wet at mary.dewet@wsj.com Twitter:
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