Crude Stockpiles Up By 2.4 Million Last Week, But Gasoline Declined

March 7, 2018


Crude oil stockpiles were up by 2.4 million barrels for the week ending March 2, the Energy Information Administration said Wednesday.

Analysts polled by S&P Global Platts expected a climb of 2.5 million barrels for crude inventories.

Gasoline inventories declined by 800,000 barrels during the week, compared with an increase the previous week.

Stockpiles of distillates, propylene and propane were also down.

Overall, gasoline stockpiles are up by more than 17 million barrels for the year so far.

Petroleum product demand was up by 3.4% over the past month, with a similar increase in gasoline demand, up 3%.

The American Petroleum Institute on Tuesday also reported a rise in crude supplies for last week, up 5.7 million barrels, with a 4.5 million barrel decline in gasoline stockpiles but a climb in distillates of 1.5 million barrels.