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- EIA’s report reveals unexpected surge in U.S. crude oil inventories
EIA’s report reveals unexpected surge in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories surged
by 15.189 million barrels in the week ended December 4. This was the largest
increase since the week ended April 10. Economists had forecast a decline of 1.424
million barrels.
At the same
time, gasoline stocks climbed by 4.222 million barrels, while analysts had
expected a gain of 2.271 million barrels. Distillate stocks jumped by 5.222
million barrels, while analysts had forecast an increase of 1.414 million
barrels.
Meanwhile, oil
production in the U.S. remained unchanged at 11.100 million barrels a day.
U.S. crude oil
imports averaged 6.5 million barrels per day last week, increased by 1.1
million barrels per day from the previous week.
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