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Economic news
26.06.2024

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

The U.S. Energy Information Administration (EIA) informed on Wednesday that crude inventories surged by 3.591 million barrels in the week ended June 21, following a fall of 2.547 million barrels in the previous week. Economists had expected a draw of 3.000 million barrels.

At the same time, gasoline stocks climbed by 2.654 million barrels, the most since the week ended January 19 (+4.91 million barrels). Analysts had forecast a drop of 1.100 million barrels. The previous week saw a decrease of 2.280 million barrels.

Elsewhere, distillate stocks slipped by 0.377 million barrels. Analysts had predicted a decline of 1.500 million barrels. The previous week witnessed a plunge of 1.726 million barrels.

Meanwhile, oil production in the U.S. held steady at 13.200 million barrels per day.

U.S. crude oil imports averaged 6,6 million barrels per day last week, logging a reduction of 443,000 barrels per day from the week before.

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