US: EIA Crude Oil Stocks Change arrive at +2.4 million, WTI drops to $64

Crude Oil Stocks Change in the US was +2.4 million barrels in the week ending March 12, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts estimate was for an increase of 2.9 million barrels.

Market reaction

With the initial market reaction, crude oil prices edged lower and the barrel of West Texas Intermediate (WTI) was last seen losing 1.3% on the day at $64.05.

Additional takeaways

"US crude oil refinery inputs averaged 13.4 million barrels per day during the week ending March 12, 2021."

"US crude oil imports averaged 5.3 million barrels per day last week, down by 332,000 barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 18.8 million barrels a day, down by 11.1% from the same period last year."