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March 3, 2021, 10:42 a.m. EST

EIA reports a more than 21 million-barrel weekly rise in U.S. crude supplies

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By Myra P. Saefong

The Energy Information Administration reported Wednesday that U.S. crude inventories jumped up by 21.6 million barrels for the week ended Feb. 26. On average, analysts forecast a climb of 1.3 million barrels, according to a survey by S&P Global Platts. The American Petroleum Institute on Tuesday reported a nearly 7.4 million-barrel climb, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub rose by 500,000 barrels for the week. However, petroleum-product stocks dropped as frigid temperatures in mid-February led to a slowdown in Texas refinery activity. The EIA reported that gasoline supply was down 13.6 million barrels, while distillate stockpiles were down 9.7 million barrels for the week. The S&P Global Platts survey had forecast supply declines of 2.9 million barrels for gasoline and 3.9 million barrels for distillate inventories. April West Texas Intermediate crude held onto the bulk of their gains, trading up $1.08, or 1.8%, at $60.83 a barrel on the New York Mercantile Exchange. Prices were at $60.70 before the supply data.

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