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- EIA’s report reveals a much-bigger-than-expected climb in U.S. crude oil inventories
EIA’s report reveals a much-bigger-than-expected climb in U.S. crude oil inventories
The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories jumped by 15.177 million barrels in the week ended April 3. Economists had forecast a surge of 9.271million barrels.
At the same time, gasoline stocks climbed by 10.497 million barrels, while analysts had expected a gain of 4.333 million barrels. Distillate stocks rose by 0.476 million barrels, while analysts had forecast an increase of 1.0446 million barrels.
Meanwhile, oil production in the U.S. reduced by 600,000 barrels a day to 12.400 million barrels a day.
U.S. crude oil imports averaged 5.9 million barrels per day last week, down by 173,000 thousand barrels per day from the previous week.
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