Price Of U.S. Crude Oil Falls As Inventories Jump
The U.S. Energy Information Administration reported crude oil refinery inputs for the week ended March 22 averaged 14.9 million barrels per day. This is 364 thousand barrels per day above last week’s average. This led to an increase in U.S. inventories of 3.3 million barrels, bringing total inventories to 385.9 million.
Over the past four-week period, crude oil imports averaged 8.2 million barrels per day, about 1.2 million barrels per day below their average for the same time last year. Total motor gasoline inventories declined by 1.6 million barrels for the week but remained within the average range. Distillate fuel inventories decreased by 4.5 million barrels and ended near the low-end of the average range for this time of year.
At 11:00 a.m. EST, WTI crude was off 0.60 percent at $95.76 per barrel.