Energy Preview: US crude oil inventories up 1.7 million barrels, gasoline down, says EIA

Crude oil inventories in the United States saw an increase of 1.7 million barrels during the week ending March 14, according to new data from the U.S. Energy Information Administration released on Wednesday. Crude oil prices were trading down prior to the crude data release by the U.S. Energy Information Administration after the American Petroleum Institute (API) reported on Tuesday a build of 4.593 million barrels in U.S. crude oil inventories amid a strong gasoline draw. For total motor gasoline, the EIA estimated that inventories decreased by 500,000 barrels for the week to March 14, with production averaging 9.6 million barrels daily. This compares with a large inventory decrease of 5.7 million barrels for the previous week and an average daily production of 9.6 million barrels daily.

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