Petroleum Institute: US crude inventories rise 7.3 million barrels exceeded expectations

File Reuters

UNITED STATES (VOP TODAY NEWS) — US crude oil inventories rose more-than-expected last week, while gasoline stocks and distillates fell, the US Petroleum Institute said on Tuesday.

Crude stocks rose 7.3 million in the week to March, to 451.5 million barrels, compared with analysts’ forecasts for a 1.2 million barrel increase.

Crude inventories at the Kashkent delivery center in Oklahoma rose 1.1 million barrels, the institute said.

The Institute’s data showed that the refinery consumption rate rose 363 thousand barrels per day.

Gasoline inventories fell 391,000 barrels, compared to analysts’ forecasts in a Reuters poll of 2.1 million barrels.

Distillate stocks, including diesel and heating oil, fell 3.1 million barrels, compared to expectations for a 1.4 million barrel drop, according to the institute’s data.

US crude imports last week rose by 801,000 bpd to 6.9 million bpd.

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