US crude oil stockpiles rise for second straight week

US crude oil inventories increased for a second consecutive week with an increase in production and net imports, while gasoline stocks fell more than expected as demand picked up, according to data released Wednesday by the US Energy Information Administration, Report informs via Morningstar.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 1.4 million barrels to 435.2 million barrels in the week ended March 7, and were about 5% below the five-year average for the time of year, the EIA said. Analysts surveyed by The Wall Street Journal had predicted a 1.2 million barrel increase in crude stockpiles.

Oil stored in the SPR rose by 275,000 barrels to 395.6 million barrels. Oil stocks at Cushing, Okla., the Nymex delivery hub, were down by 1.2 million barrels at 24.5 million barrels.

The EIA estimated US crude oil production at 13.6 million barrels a day, up by 67,000 barrels a day from the previous week. Crude imports fell by 343,000 barrels a day to 5.5 million barrels a day, while exports were down by 846,000 barrels a day at 3.3 million barrels a day, resulting in a 503,000 barrels a day increase in net imports.