Crude Oil Supplies Up Sharply

WASHINGTON, March 24 (UPI) — U.S. crude oil inventories rose by 7.3 million barrels in the week ending March 19, the U.S. Energy Information Administration said Wednesday.

The energy agency said crude inventories increased from 344 million barrels to 351.3 million barrels during the week and remain above the upper limit of the average range for this time of year.

Gasoline inventories for the week fell by 2.7 million barrels to 224.6 million barrels but remain above the upper limit of the average range.

Supplies of distillate fuels, which include heating oil, were down 2.4 million barrels to 145.7 million barrels.

Inventories of finished gasoline inventories and gasoline blending components inventories fell during the week, the energy agency reported.

Using a four-week rolling average for comparison, demand for motor gasoline is up by 1.2 percent from the same period a year ago, while distillate fuel demand is down 0.9 percent. Jet fuel demand is 6.4 percent lower than the same four-week stretch a year ago.

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Categorized | Oil & Petroleum, Other
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