Domestic crude supplies increased again last week by 8.2 million barrels to a new record, 528.4 million, according to figures released Wednesday by the US Energy Information Administration, far outpacing analysts expectations -- but gasoline and distillate supplies were down.
It was the ninth straight week of growing crude inventories.
The ElA figures were a marked contrast to the reported increase of 11.6 million barrels reported Tuesday by the American Petroleum Institute.
S&P Global Platts says its poll of analysts indicated an expected increase of 1.6 million barrels, far below the actual reported rise.
Gasoline stockpiles, according to the EIA, were down 6.6 million barrels and distillate supplies were down 2.7 million barrels last week.
By Mike Shiloh
Copyright March 08, 2017, Mike Shiloh, Texas Energy Report LLC, www.texasenergyreport.com, All rights are reserved