EIA reports U.S. crude supplies up for the first time in 3 weeks

The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 4.3 million barrels for the week ended March 11. That followed two consecutive weeks of declines. On average, the EIA was expected to show crude inventories up by 200,000 barrels, according to analysts surveyed by S&P Global Commodity Insights. The American Petroleum Institute on Tuesday reported a 3.75 million-barrel increase, according to sources. The EIA also reported a weekly inventory decline of 3.6 million barrels for gasoline, while distillate stockpiles edged up by 300,000 barrels. The analyst survey showed expectations for weekly supply declines of 2.6 million barrels for gasoline and 3.2 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 1.8 million barrels for the week. April West Texas Intermediate crude CLJ22, -0.89% was down $1.01, or 1.1%, at $95.43 a barrel on the New York Mercantile Exchange. It traded at $95.95 before the supply data as traders continued to monitor developments in the Russia-Ukraine war.