The Energy Information Administration reported a crude oil inventory build of 2.4 million barrels for the week to March 12, up/down from a build of 13.8 million barrels the authority reported for the previous week. A day earlier, the American Petroleum Institute surprised markets by estimating an oil inventory decline for the same week, of 1 million barrels. Hefty builds in both crude and fuel inventories were expected in the past three weeks after the wave of Arctic weather that swept across Texas prompted refinery closures and stocking up of oil, gasoline and distillates. In gasoline, the EIA reported an inventory increase for last week, at half a million barrels. This compared with a draw of as much as 11.9 million barrels for the previous week. Gasoline production stood at 8.9 million bpd last week, compared with 9 million bpd a week earlier. In middle distillates, the energy authority […]