U.S. Crude Oil Reserves, Increasing Power Use: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

TERMINALS
U.S. Crude Oil, Gasoline Stockpiles Decline - After six straight weeks of builds, U.S. crude oil inventories fell by 1.5 million barrels to 447 million barrels in the week ending March 8, the U.S. Energy Information Administration (EIA) said on Wednesday. Gasoline stocks fell by 5.7 million barrels to 234.1 million barrels in the week, the EIA said. Distillate stockpiles rose by 888,000 barrels to 117.9 million barrels. (Reuters)

U.S. Makes New SPR Purchase - The U.S. Department of Energy said on Wednesday it has bought 3.25 million barrels of domestically produced crude oil for the U.S. Strategic Petroleum Reserve (SPR), its latest in a steady stream of small purchases for the reserve. The oil is slated to be delivered to the SPR in August. The U.S. released a record amount of oil from the stockpile in 2022 in an effort to control gasoline prices following Russia's invasion of Ukraine. (Reuters)

POWER
U.S. Power Use to Hit Record Highs in 2024 - U.S. power consumption will rise to record highs in 2024 and 2025, the EIA said in its Short Term Energy Outlook on Tuesday. The EIA projected power demand will rise to 4,099 billion kilowatt-hours (kWh) in 2024 and 4,128 billion kWh in 2025. That compares with 4,000 billion kWh in 2023 and a record 4,003 billion kWh in 2018. (Reuters)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).