US crude oil stocks up last week, both at federal level and in Cushing
Investing.com — US crude oil stocks rose above the consensus of Wall Street analysts, with an unexpected rise at the federal level and at the storage hub tied to the delivery of contracts traded on the New York Mercantile Exchange, a government report showed Wednesday.
The build in crude inventories for the week ended Oct. 20 came after a drop in exports, the Weekly Petroleum Status Report of the Energy Information Administration, or EIA, showed.
The US crude inventory balance rose by 1.372 million barrels during the week ended October 20, according to the EIA. That contrasted with a 4.491 million draw in the prior week to October 13, helped by a spike in exports. Analysts on Wall Street had
In the just-ended week, exports fell to 4.833M barrels per day from a prior 5.301M.
Higher stockpiles were noted at the end of last week in gasoline, the premier US fuel product, while distillates — a raw material for diesel and heating fuel — saw draws.
On the gasoline inventory front, there was a build of 0.156M barrels versus the prior draw of 2.371M and analysts’ consensus for a decline of 1.266M.
With distillate stockpiles, there was a drop of 1.686M barrels on top of the prior week’s deficit of 3.185M and analysts’ consensus for a drop of 1.75M. Distillates are refined into heating oil, diesel for trucks, buses, trains and ships and fuel for jets.
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