U. S. Oil reserves been growing continuously for 10 weeks-EIA
2023.03.01 12:39
U. S. Oil reserves been growing continuously for 10 weeks-EIA
By Kristina Sobol
Budrigannews.com – According to government data, stocks increased for the tenth week in a row last week, but the increase was also the smallest in four weeks.
The Energy Information Administration, or EIA, reported in its Weekly Petroleum Status Report that production increased by 1.165 million barrels over the week that ended on February 24.
Despite the fact that it extended the 16.283 million barrels built in the previous week to February 17, it was the smallest increase in the US crude stockpile over the past four weeks.
Investing.com’s industry analysts had predicted an average build of just 0.457 million for the week ending February 24.
This year, commercial crude inventories in the United States have increased by about 60 million barrels.
The rise occurred in the midst of seasonal maintenance and other disruptions at U.S. refineries, which anticipated less crude processing.
Last week, crude oil refinery inputs in the United States averaged 15 million barrels per day, 31,000 fewer than the previous week’s average.
The agency added that refineries were operating at 85.8% of their operational capacity last week. At this time of year, inventory runs typically exceed 90 percent.
The EIA reported a draw of 0.874 million, compared to a forecast increase of 0.464 million and a deficit of 1.856 million the week before. Despite the draw last week, gasoline inventories have increased by more than 16 million barrels since the beginning of 2023. Fuel for automobiles is the most 1 fuel product from the United States.
Distillate inventories increased for a third week in a row while gasoline inventories decreased. Distillates, which are refined into diesel for trucks, buses, trains, and ships as well as jet fuel, were the most demanded part of the U.S. petroleum complex up until last month.
Distillates increased by 2.698 million in the previous week, versus the anticipated decline of 0.462 million.
