SunSirs: EIA: US Crude Oil Inventories unexpectedly Increased by 3.7 Million Barrels Last Week

https://www.chemnet.com   Jun 13,2024 SunSirs

According to a report released by the US Energy Information Administration (EIA) on Wednesday, crude oil, gasoline, and distillate inventories increased last week.

As of the week ending June 7th, US crude oil inventories increased by 3.7 million barrels to 459.65 million barrels, with analysts expecting a decrease of 1 million barrels.

The EIA stated that crude oil inventories at the Cushing warehouse in Oklahoma decreased by 1.59 million barrels to 33.82 million barrels.

The crude oil processing volume of the refinery increased and decreased by 97,000 barrels per day that week. The utilization rate of refinery capacity decreased by 0.4% to 95.0%.

Data shows that US gasoline inventories increased by 2.6 million barrels to 233.51 million barrels this week, with analysts expecting an increase of 900,000 barrels.

Distillate oil inventories, including heating oil and diesel, increased by 881,000 barrels to 123.37 million barrels, while analysts had previously expected an increase of 1.6 million barrels.

The EIA stated that the net import of crude oil from the United States increased by 2.56 million barrels per day to 5.12 million barrels per day last week.

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