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- EIA’s report reveals a surprise surge in U.S. crude oil inventories
EIA’s report reveals a surprise surge in U.S. crude oil inventories
The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories climbed by 21.563 million barrels in the week ended February 26. This marked the largest weekly build on record. Economists had forecast a drop of 0.928 million barrels.
At the same
time, gasoline stocks tumbled 13.624 million barrels, while analysts had
expected a decline of 2.300 million barrels. Distillate stocks plunged by 9.719
million barrels, while analysts had forecast a drop of 3.035 million barrels.
Meanwhile, oil
production in the U.S. jumped by 300,000 barrels a day to 10.000 million
barrels a day.
U.S. crude oil
imports averaged 6.3 million barrels per day last week, increased by 1.7
million barrels per day from the previous week.
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