United States Crude Oil Stocks Change

Crude oil inventories in the US fell by 1.536 million barrels in the week ended March 8, 2024, compared with market expectations of a 1.338 million increase, data from the EIA Petroleum Status Report showed. It was the first decline in seven weeks. Also, crude stocks at the Cushing, Oklahoma, delivery hub went down by 220 thousand barrels, following a 701 thousand barrel increase last week. Furthermore, gasoline stocks dropped by 5.662 million, the most in nearly one year and above forecasts of 1.9 million. On the other hand, distillate stockpiles, which include diesel and heating oil, went up by 888 thousand barrels, defying the consensus of a 150 thousand increase.