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- EIA’s report reveals smaller-than-expected increase in U.S. crude oil inventories
EIA’s report reveals smaller-than-expected increase in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories
increased by 1.379 million barrels in the week ended November 15. Economists
had forecast a gain of 1.500 million barrels.
At the same
time, gasoline stocks rose by 1.756 million barrels, while analysts had
expected a gain of 0.750 million barrels. Distillate stocks reduced by 0.974
million barrels, while analysts had forecast a decrease of 1.000 million
barrels.
Meanwhile, oil
production in the U.S. was unchanged at 12.800 million barrels a day.
U.S. crude oil
imports averaged 6.0 million barrels per day last week, up by 222,000 barrels
per day from the previous week.
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