According to the Energy Information Administration, the US crude oil inventory rose by 5.5 millions barrels during the week ending Friday. This was a far greater increase than analysts had expected.
Analysts expected that inventories in the US would rise only by 900,000 barils last week.
In a recent report, the US agency stated that crude oil stocks are only 4% lower than the average five-year level for this time of year. As of last Friday, the US totaled 426 million barrels.
Last week, refineries were operating at 89.5% their maximum capacity.
Gasoline stocks rise, distillate falls
Last week, gasoline inventories rose by 900,000 barges to 213.6 million.
EIA reported that distillate stocks in the US fell by 1.1 millions barrels and now total 113.8 million.
Last week, propylene and propane stocks fell by 1.4 millions barrels each, to reach 101.8 million barrels. Residual fuel oil inventories, however, rose by 800,000 barrels at 25.2 million.
In the US, crude oil production averaged 13.5 millions barrels per day for the week ending Friday, which is unchanged from the previous weeks.
US oil exports are down, but imports rise
EIA reported that the US imported crude oil at an average of 6.43 million barrels a day last week. This is up 902,000 barrels a day compared to the previous week.
The average four-week imports of US barrels were 6.21 million barrels per day, an increase of 1.3% over the same period last year.
According to the report, crude oil exports from the US dropped by only 11,000 barrels each day in the last week, to an average of 4,11 million barrels daily.
The US crude oil exports have averaged 3,98 million barrels a day in the last four week, down 12.4% compared to the same period a year earlier.
Last week, US crude oil imports increased the most from Canada. Imports from Canada averaged 3,72 million barrels a day, an increase of 182,000 barrels a day over the previous week.
EIA data also showed that imports from Iraq increased by 167,000 barrels a day last week, to 237,000 barrels a day. Last week, Colombia exported 365,000 barrels to the US. This was 143,000 barrels per day more than the week before.
Saudi Arabia was the country with the largest drop in imports, dropping 163,000 barrels a day to only 150,000 barrels a day.
Cushing’s crude oil stock dropped by 300,000 barrels to 24,7 million barrels in the last week. Cushing is a major hub, as it is where West Texas Intermediate crude oil is delivered.
The US strategic petroleum reserves increased by 800,000 barils last week, to 384.6 millions barrels.
WTI crude oil was trading at $71.97 a barrel when this article was written, and Brent crude was about $76 per barrel.
This post US crude stocks increase by 5.5m barrels, surpassing analysts’ expectations will be updated as new information becomes available.
This site is for entertainment only. Click here to read more
