The Energy Information Administration reported a build in U.S. crude oil inventories of 3.3 million barrels for the week to April 6, double that of API’s estimate for a 1.76-million-barrel inventory increase, which weighed on prices yesterday. Analysts polled by IG had expected the EIA to report a modest build of 250,000 barrels. Last week’s build will add to a combined 2018 inventory increase of 22.5 million barrels as of end-March. In fuels, the EIA reported gasoline inventories had gone up by 500,000 barrels in the reporting period, compared with a 1.1-million-barrel decline in the previous week. Gasoline inventories had been falling every week since the beginning of last month, with the cumulative drop in inventories for the period February 26 to March 30 at more than 12 million barrels. Distillate inventories shed 1 million barrels, compared with a 500,000-barrel increase a week earlier. Gasoline production averaged 10.2 million […]