Weekly reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA), the statistical arm of the U.S. Department of Energy (DOE), released on March 13th and 14th showed large crude stock builds for the week ended March 9th.
The API reported crude inventories surging 9.5 million barrels to 285.3 million barrels, down 956,000 barrels from the same period a year ago. Gasoline stocks fell 3.4 million barrels to 199.7 million barrels, an increase of 2.1 million barrels over 2000.
Distillate stocks dipped 544,000 barrels to 113.9 million barrels, an increase of 9.8 million barrels over last year. The API found refinery utilization for the week of 89.5 percent, compared with 91.2 percent last week and 89.2 percent a year ago.
The EIA found crude inventories climbing 8 million barrels to 285.3 million barrels, down 5.4 million barrels from the same period a year ago. Gasoline stocks shed 1.4 million barrels to 201.6 million barrels, down 600,000 barrels from 2000.
Distillate stocks lost 1.3 million barrels to 114.3 million barrels, an increase of 11.5 million barrels over last year, while heating oil stocks plunged 3.5 million barrels to 43.5 million barrels, up 3.3 million barrels from a year ago.
The EIA found refinery utilization for the week of 91.1 percent, down from 92.8 percent the previous week.
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