US Department of Energy: oil reserves for the week rose stronger than expected

According to the US Department of Energy, commercial oil reserves (excluding strategic reserves) for the week ended March 10 increased by 1.6 million barrels to 480.1 million barrels. Analysts had expected an increase in inventories by 1.2 million barrels.

At the same time, the strategic reserve of oil has not changed: the indicator remains at the level of 371.6 million barrels since January. Prior to that, it had been declining weekly since September 2021. As a result, the reserve is now at its lowest since December 1983.

Oil reserves at the country's largest terminal in Cushing decreased to 37.9 million barrels from 39.8 million during the reporting period.

At the same time, gasoline stocks in the United States decreased by 2.1 million barrels (by 0.9%), to 236 million. Analysts had expected a decrease of 1.8 million barrels. Distillate stocks decreased by 2.5 million barrels (by 2.1%) and amounted to 119.7 million barrels. A decrease of 1.2 million was predicted.

Oil production for the week ending March 10 remained at the level of the previous week at 12.2 million barrels per day. On average, over the past four weeks, oil production in the United States amounted to 12.25 million barrels per day.