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- EIA’s report reveals bigger than expected build in U.S. crude oil inventories
EIA’s report reveals bigger than expected build in U.S. crude oil inventories
The U.S. Energy Information Administration (EIA) revealed that crude inventories rose by 3.672 million barrels in the week ended February 15. Economists had forecast an increase of 3.050 million barrels.
At the same time, gasoline stocks fell by 1.454 million barrels, while analysts had expected a drop of 0.500 million barrels. Distillate stocks reduced by 1.517 million barrels, while analysts had forecast a decrease of 1.500 million barrels.
Meanwhile, oil production in the U.S. increased by 100,000 barrels a day to 12.000 million barrels a day.
U.S. crude oil imports averaged 7.5 million barrels per day last week, up by 1,312,000 barrels per day from the previous week.
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