The U.S. Energy
Information Administration (EIA) reported on Wednesday that crude inventories climbed
by 12.018 million barrels in the week ended February 9, following a surge of 5.521
million barrels in the previous week. This was the
strongest weekly increase in the U.S. crude inventories since the week ended
November 3, 2023 (+13.869 million barrels). Economists had forecast a gain of 2.560
million barrels.
At the same
time, gasoline stocks fell by 3.658 million barrels, the most since the week ended November
3, 2023 (-6.300 million barrels). Analysts had foreseen a draw of 1.160 million
barrels. The previous week witnessed a decline of 3.145 million barrels.
Elsewhere,
distillate stocks decreased by 1.915 million barrels, recording the fourth
straight weekly fall. Analysts had
predicted a drop of 1.600 million barrels. The previous week saw a plunge of 3.220
million barrels.
Meanwhile, oil
production in the U.S. held
steady at 13.300 million barrels per day.
U.S. crude oil
imports averaged 6.5 million barrels per day last week, logging a decline of 437,000
barrels per day from the week before.