The US Energy Information Administration released a report showing a surprise drop in crude oil inventories over the past week; It fell by 1.5 million barrels to reach 447 million barrels, and analysts had expected in a poll conducted by Reuters an increase in crude oil inventories by 1.3 million barrels. Which confirms that the decline was sudden and unexpected.

Crude oil inventories at the delivery center in Cushing, Oklahoma, fell by 220,000 barrels during the week ending March 8, and crude inputs to the refinery rose by 390,000 barrels per day; Which indicates an increase in demand for crude oil, and refinery operating rates increased by 1.9 percentage points during the week. Which confirms the high demand for petroleum products, and gasoline stocks in the United States decreased by 5.7 million barrels per week to reach 234.1 million; Which is a significant decrease.

Distillate stocks, which include diesel and heating oil, rose by 880,000 barrels per week to 117.9 million, and US crude imports fell by 241,000 barrels per day last week.