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- EIA’s report reveals a bigger than expected increase in U.S. crude oil inventories
EIA’s report reveals a bigger than expected increase in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories rose by 1.215 million barrels in the week ended June 12. Economists had forecast an increase of 0.500 million barrels.
At the same
time, gasoline stocks fell by 1.667 million barrels, while analysts had
expected a drop of 0.017 million barrels. Distillate stocks declined by 1.358
million barrels, while analysts had forecast a build of 2.429 million barrels.
Meanwhile, oil
production in the U.S. decreased by 600,000 barrels a day to 10.500 million
barrels a day.
U.S. crude oil
imports averaged 6.6 million barrels per day last week, down by 222,000
thousand barrels per day from the previous week.
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