U.S. crude oil inventories surged last week to another record high, while gasoline stocks went the other direction, posting their largest one-week drop in nearly six years, the Energy Information Administration (EIA) said March 8.Crude inventories rose 8.2 million barrels (MMbbl) in the week to March 3, compared with analysts’ expectations for a 2 MMbbl build. Most of that—4.6 MMbbl—came from an unexpectedly large surge in stocks on the west coast.The ninth weekly crude build boosted total stockpiles, excluding the nation’s strategic petroleum reserves, to a fresh record of 528.4 MMbbl.
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