The U.S. Energy
Information Administration (EIA) informed on Wednesday that crude inventories surged
by 5.521 million barrels in the week ended February 2, following an increase of
1.234 million barrels in the previous week. This marked
the strongest weekly gain in the U.S. crude inventories since the week that ended November
17, 2023 (+8.701 million barrels). Economists had predicted a build of 1.895 million
barrels.
At the same
time, gasoline stocks declined by 3.145 million barrels, recording their first weekly
drop in six weeks. Analysts had predicted an advance of
0.140 million barrels. The previous week saw a rise of 1.156 million barrels.
Elsewhere,
distillate stocks plunged by 3.220 million barrels, the
most since the week that ended November 3, 2023 (-3.294 million barrels). Analysts had forecast a decrease of 1.000 million
barrels. The previous week witnessed a fall of 2.542 million barrels.
Meanwhile, oil
production in the U.S. jumped by 300,000 barrels a day to 13.300 million
barrels per day.
U.S. crude oil
imports averaged 6.9 million barrels per day last week, logging a climb of 1.3
million barrels per day from the week before.