US crude oil inventories up by 0.4% for week ending March 14

US commercial crude oil inventories increased by 0.4% during the week ending March 14, according to data released by the Energy Information Administration (EIA) late Wednesday.

Inventories increased by approximately 1.7 million barrels to 437 million barrels, exceeding market expectations of a 1.2 million-barrel rise.

Strategic petroleum reserves, which are excluded from commercial crude stocks, increased by 300,000 barrels to 395.9 million barrels, the data showed.

Over the same period, gasoline inventories decreased by around 500,000 barrels to 240.6 million barrels.

– Crude production decreases

EIA data showed that US crude oil production decreased by 2,000 barrels per day (bpd) to about 13,57 million bpd during the week ending March 14.

US crude oil imports decreased by 85,000 bpd to approximately 5.38 million bpd, while exports rose by 1.35 million bpd to around 4.64 million bpd over the same period.

In the Short-Term Energy Outlook (STEO) released on March 11, the EIA predicted that crude oil output in the country would reach an average of 13.61 million bpd in 2025.

• EIA
• Short-Term Energy Outlook (STEO)