The U.S. Department of Commerce (DOC) reported on Wednesday (March 26) that U.S. durable goods orders increased by 2.2% month-on-month in February, compared to an expected increase of 1.1%, with the previous value revised to a decline of 1.3%.
A report released by Markit on Wednesday (March 26) indicated that economic activity in the U.S. private sector accelerated in March, surpassing February levels, driven by a faster expansion in the services sector, although the new business sub-index performed poorly. The U.S. Markit Composite Purchasing Managers' Index (PMI) rose to 55.8 in March, up from a final value of 54.1 in February.
The U.S. Energy Information Administration (EIA) reported on Wednesday (March 26) that U.S. crude oil inventories increased by 6.6 million barrels to 382.47 million barrels for the week ending March 19, compared to an expected increase of 2.7 million barrels; gasoline inventories decreased by 5.1 million barrels to 21.72 million barrels, compared to an expected decrease of 1.2 million barrels; and distillate inventories increased by 1.6 million barrels to 11.24 million barrels, compared to an expected decrease of 1.4 million barrels. The U.S. refinery utilization rate rose by 0.4% to 86% for the week ending March 19.
The EIA data also showed that U.S. crude oil inventories in Cushing fell to a two-year low of 28.5 million barrels last week.
Michael Lynch, Chief Strategist at Energy & Economic Research, stated, "U.S. crude oil inventories in Cushing continue to decline, and the EIA report also shows that the drop in gasoline inventories exceeded expectations, indicating strong demand, which is favorable for oil prices."
Gordy Elliott, a risk management expert at Intl FC Stone, commented, "The significant jump in crude oil inventories last week still had some impact on oil prices, and it is expected that U.S. crude oil will fluctuate around $100 in the short term."
As of 01:14 Beijing time, NYMEX crude oil futures were reported at $99.87 per barrel.