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Economic news
11.09.2024

EIA’s report shows a smaller-than-expected build in U.S. weekly crude oil inventories

The U.S. Energy Information Administration (EIA) announced on Wednesday that crude inventories increased by 0.833 million barrels in the week ended September 6, following a fall of 6.873 million barrels in the previous week. This marked the first weekly advance in the U.S. crude inventories in four weeks. Economists had expected a rise of 1.000 million barrels.

At the same time, gasoline stocks surged by 2.311 million barrels, the most since the week ended July 12 (+3.33 million barrels). Analysts had anticipated a draw of 0.100 million barrels. The previous week saw a climb of 0.848 million barrels.

Elsewhere, distillate stocks jumped by 2.308 million barrels, the most since the week ended July 12 (+3.45 million barrels). Analysts had predicted a build of 0.300 million barrels. The previous week saw a decrease of 0.371 million barrels.

Meanwhile, oil production in the U.S. was unchanged at 13.300 million barrels per day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, logging an increase of 1.1 million barrels per day from the week before.

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