By Barani Krishnan
Investing.com — and gasoline stockpiles showed huge weekly declines last week while inventories of distillates registered a rise, the government’s energy data agency said Wednesday.
fell by 6.076 million barrels during the week ended March 24, the Washington-based Energy Information Administration said in its Weekly Petroleum Status Report.
Industry analysts tracked by Investing.com had forecast a build of 92,000 barrels instead for last week versus the rise of 1.117M barrels during the previous week to March 17.
On the front, the EIA reported a drawdown of 2.904M barrels against an expected drop of 1.625M barrels and the 6.4M-barrel decline in the previous week. Automotive fuel gasoline is the No. 1 U.S. fuel product.
With , there was a build of 281,000 barrels. Analysts had forecast a drop of 1.455M barrels versus the prior week’s deficit of 3.313M. Distillates, which are refined into , diesel for trucks, buses, trains and ships and fuel for jets, have been the strongest component of the U.S. petroleum complex in terms of demand.
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