Commodities

U.S. Oil Inventories rose by 2.6 million barrels last week: EIA.com


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By Liz Moyer

Investing.com – The Energy Information Administration reports that U.S. crude oils inventories rose more than anticipated last week.

According to the EIA, the increase was 2.588 million barrels higher than expected, despite a build of 1.029million barrels.

Barani Krishnan, an analyst with Investing.com, stated that the rise in crude stockpiles occurred despite record-breaking exports of crude oil for last week at 5.129 million barrels per hour, compared to a small outflow from the U.S. Strategic Petroleum Reserve of 3.4 million barrels.

“This comes down basically to lower refining activity across most of the United States, where refinery utilization rates are below 90%,” said Krishnan. “The only exception to this is the East Coast, where utilization is at 100% as refineries are running at full steam to keep up with demand.”

EIA also reported last week that stockpiles increased by 0.17million barrels. The expectation was for a draw of 1.138million barrels.

According to the EIA, inventories dropped by 1.478million barrels, which was lower than what was expected.

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