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March 17, 2021, 10:38 a.m. EDT

EIA reports a weekly climb of more than 2 million barrels 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 2.4 million barrels for the week ended March 12. On average, analysts polled by S&P Global Plats forecast a climb of 400,000 barrels for crude stocks. The American Petroleum Institute on Tuesday reported a 1 million-barrel decline, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub fell by 600,000 barrels for the week. The EIA also reported that gasoline supply was up by 500,000 barrels, while distillate stockpiles inched higher by 300,000 barrels for the week. The S&P Global Platts survey had forecast supply declines of 1.4 million barrels for gasoline and 900,000 barrels for distillate inventories. April West Texas Intermediate crude was down 74 cents, or 1.1%, at $64.06 a barrel on the New York Mercantile Exchange. Prices were at $64.35 before the supply data.

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