Reserves fell by 3.4 million barrels, well above the 2 million expected by analysts, to 409.9 million barrels, their lowest level since October 2018.
Commercial crude oil reserves in the United States shrunk much more than expected during the week ended March 25, according to figures released Wednesday by the US Energy Information Agency (EIA).
U.S. crude inventories fell 3.4 million barrels, much more than analysts expected 2 million, to 409.9 million barrels, their lowest level since October 2018.
In two weeks, commercial reserves lost 5.9 million barrels.
Strategic reserves also fell, by three million barrels, to 568.3 million barrels.
Under the impetus of the Biden government, which wanted to use it to relieve the market, a practice without real precedent in the United States, the strategic reserves have been falling every week without stopping for six months.
Already clearly on the rise, oil prices reacted little to this publication.
Around 3:00 p.m. GMT, a barrel of Brent from the North Sea for delivery in May gained 3.61% to 114.21 dollars, while the American West Texas Intermediate (WTI), also with a deadline in May, took 3.62 %, at $108.02.
Kpler analyst Matt Smith attributed the fall in crude oil reserves to a slight increase in refining activity as well as a drop in imports.
During the past week, crude production increased slightly, to 11.7 million barrels per day, against 11.6 previously.
Another noteworthy fact is that exports fell sharply (-22%), while the world market is suffering from a shortage of supply following the marked slowdown in Russian oil deliveries.
During the week ended March 25, US demand for crude and refined products weakened (-5.9%), but remained significantly higher, on average over four weeks, than it was a year ago.
Analysts often consider weekly variations to be taken with caution and often focus on the four-week average instead.
Unlike crude inventories, gasoline reserves have increased by 800,000 barrels while analysts expected a drop of 1.6 million barrels.
The movement is linked, noted Matt Smith, to the weekly decline in demand for gasoline, diesel and fuel oil.