U.S. crude oil and gasoline stockpiles showed huge weekly declines last week while inventories of distillates registered a rise, the government’s energy data agency said Wednesday. Crude stockpiles fell by 6.076 million barrels during the week ended March 24, the Washington-based Energy Information Administration said in its Weekly Petroleum Status Report. On the gasoline inventory front, the EIA reported a drawdown of 2.904M barrels against an expected drop of 1.625M barrels and the 6.4M-barrel decline in the previous week.
U.S. crude oil and gasoline stockpiles showed big weekly declines last week while inventories of distillates registered a rise, petroleum industry group API said in a report Tuesday that is likely to be matched to some extent by forthcoming government data. U.S. crude inventories fell by 6.076 million barrels during the week ended March 24, the API, or American Petroleum Institute, said. The U.S. government’s Energy Information Administration, or EIA, is scheduled to provide an update on Wednesday of where crude stockpiles stood at the close of business on March 24.
BENGALURU (Reuters) -Oil prices settled 1% lower on Thursday, reversing early gains after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the country's Strategic Petroleum Reserve (SPR) may take several years. Granholm's comments fed worries about potential oversupply, especially as the Energy Department plans to proceed with an additional release of 26 million barrel as part of its congressional mandate, UBS analyst Giovanni Staunovo said. Brent crude futures fell by 78 cents, or 1%, to settle at $75.91 a barrel.