EIA Confirms Moderate Crude Build, Products Draw

Crude oil prices went lower today, after the U.S. Energy Information Administration reported an estimated inventory increase of 4.2 million barrels for the week to February 23. This compared with a build of 3.5 million barrels for the previous week, which was accompanied by inventory declines in gasoline and middle distillates. In gasoline, the EIA estimated an inventory draw of 2.8 million barrels for the week to February 23. Production averaged 9.4 million bpd during the week. This compared with an inventory decline of 300,000…