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March
06
2025
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U.S. Crude Stockpiles Climb as Oil Prices Tumble Below $70
Crude oil prices were down prior to the crude data release by the U.S. Energy Information Administration, even after the American Petroleum Institute (API) reported on Tuesday a dip of 1.455 million barrels in U.S. crude oil inventories. The market-moving force, rather, was OPEC+’s decision to begin unwinding its production cuts starting in April. The Brent benchmarkwas trading down 2.13% at 9:47 a.m. ET at $69.53, marking three days of consecutive losses. The WTI benchmark, meanwhile, was trading down 2.64% at $66.46. For total motor gasoline, the EIA estimated that inventories decreased by 1.4 million barrels for the week to February 28, with production averaging 9.6 million barrels daily. This compares with an inventory increase of 400,000 barrels for the previous week and an average daily production of 9.2 million barrels daily. For middle distillates, the EIA estimated an inventory decrease of 1.3 million barrels for last week, with production averaging 5.2 million barrels daily. This compares to an inventory increase of 3.9 million barrels for the week prior, when production stood at an average 5.2 million barrels daily. Distillate inventories are now 6% below the five-year average for this time of year. Total products supplied over the last four weeks decreased to an average of 20.2 million barrels per day—a 3.4% increase over this time last year. Distillate products supplied over the last four weeks are up 7.1% compared to this time last year, while gasoline product supplied is off 0.9% from the same period last year. By Julianne Geiger for Oilprice.com
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Crude oil inventories in the United States saw an increase of 3.6 million barrels during the week ending February 28, according to new data from the U.S. Energy Information Administration released on Wednesday.