According to the latest data released by the US Energy Information Administration (EIA), as of the week ending March 21, US Crude Oil Product inventories decreased by 3.3 million barrels. During the same period, RBOB Gasoline inventories fell by 1.4 million barrels, while distillate stocks decreased by 0.4 million barrels. As a result of this decline in inventories, international crude oil prices rose, with both Brent and West Texas Intermediate (WTI) benchmark crude prices experiencing an increase.

According to specific data, the report released by the US Energy Information Administration on Wednesday indicated that US Crude Oil Product inventories decreased by 3.3 million barrels within a week. In fact, before the EIA released its data, the American Petroleum Institute (API) had reported on Tuesday that US Crude Oil Product inventories had decreased by 4.6 million barrels, and there was also a noticeable decline in RBOB Gasoline inventories. Driven by these figures, crude oil prices began to rise before the official data was published. Brent Crude Oil Futures prices increased by 0.88% to $73.66 per barrel, up about $3 compared to the same period last week. WTI Crude Oil Futures prices climbed by 0.84% to $69.58 per barrel, also nearly $3 higher than a week ago.

Regarding RBOB Gasoline, the US Energy Information Administration estimated that as of the week ending March 21, RBOB Gasoline inventories decreased by 1.4 million barrels, with an average daily production of 9.2 million barrels. In contrast, the previous week saw only a 0.5 million barrel reduction in RBOB Gasoline inventories, with an average daily production of 9.6 million barrels.

As for distillate inventories, the US Energy Information Administration pointed out that inventories decreased by 0.4 million barrels during that week, with average daily production dropping to 4.5 million barrels, while the previous week had seen a significant decrease of 2.8 million barrels in distillate inventories, with an average daily production of 4.6 million barrels. Currently, US distillate inventories are 7% lower than the average level for the same period over the past five years.

In terms of supply, the average daily supply of oil products over the past four weeks was 20.2 million barrels, showing a decrease compared to the previous period, but still up by 0.5% compared to the same period last year. The supply of distillate products rose by 1.8% compared to last year, while the supply of RBOB Gasoline products decreased by 0.2% year on year.