SunSirs: US Crude Oil Inventories Surged Last Week
October 13 2023 09:44:10 SunSirs (Selena)
According to data released by the US Energy Information Administration (EIA) on Thursday, US crude oil inventories surged last week as production jumped to historic highs, while gasoline and distillate inventories decreased. The decrease in refinery utilization and the increase in net imports have exacerbated the increase in crude oil inventory.
According to EIA data, US crude oil inventories surged by 10.2 million barrels last week, reaching 424.2 million barrels, far exceeding analysts' expectations of an increase of 500,000 barrels, leading to a reduction in oil prices.
According to the EIA, US gasoline inventories decreased by 1.3 million barrels last week to 225.7 million barrels, with analysts expecting a decrease of 800,000 barrels. Distillate oil inventory, including diesel and heating oil, decreased by 1.8 million barrels to 117 million barrels, with an expected decrease of 800,000 barrels.
The data also shows that the daily crude oil production in the United States reached a record high of 13.2 million barrels last week.
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