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March 10, 2021, 10:40 a.m. EST

EIA reports a nearly 14 million-barrel weekly climb in U.S. crude supplies

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By Myra P. Saefong

The Energy Information Administration reported Wednesday that U.S. crude inventories rose by 13.8 million barrels for the week ended March 5. That followed a hefty 21.6 million-barrel climb the week before as domestic refinery activity continues to recover from mid-February winter storms in Texas. On average, analysts polled by S&P Global Plats forecast a climb of 2.7 million barrels for crude stocks. The American Petroleum Institute on Tuesday reported a 12.8 million-barrel climb, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub climbed by 500,000 barrels for the week. The EIA also reported that gasoline supply was down 11.9 million barrels, while distillate stockpiles were 5.5 million barrels lower for the week. The S&P Global Platts survey had forecast supply declines of 4.8 million barrels for gasoline and 3.8 million barrels for distillate inventories. April West Texas Intermediate crude was up 22 cents, or 0.3%, at $64.23 a barrel on the New York Mercantile Exchange. Prices were at $64.26 before the supply data.

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