• Main
  • Analytics
  • Market News
  • EIA’s report shows a surprise advance in U.S. weekly crude oil inventories
Economic news
22.05.2024

EIA’s report shows a surprise advance in U.S. weekly crude oil inventories

The U.S. Energy Information Administration (EIA) informed on Wednesday that crude inventories jumped by 1.825 million barrels in the week ended May 17, following a decline of 2.508 million barrels in the previous week. This was the first weekly build in the U.S. crude inventories in three weeks. Economists had foreseen a draw of 2.550 million barrels.

At the same time, gasoline stocks dropped by 0.945 million barrels, the most since the week ended April 12 (-1.150 million barrels). Analysts had predicted a decrease of 1.200 million barrels. The previous week saw a slip of 0.235 million barrels.

Elsewhere, distillate stocks rose by 0.379 million barrels. Analysts had predicted a fall of 0.380 million barrels. The previous week witnessed a drop of 0.045 million barrels.

Meanwhile, oil production in the U.S. held steady at 13.100 million barrels per day.

U.S. crude oil imports averaged 6.7 million barrels per day last week, logging a decline of 81,000 barrels per day from the week before.

See also