U.S. Crude Oil Stockpiles Rise for Seventh Consecutive Week
According to data released Wednesday by the U.S. Energy Information Administration (EIA), commercial crude oil inventories in the United States increased for a seventh straight week, defying analyst expectations. Stocks excluding the Strategic Petroleum Reserve rose by 3.1 million barrels to reach 464.7 million barrels for the week ended April 3, placing them approximately 2% above the five-year average for this period. While crude supplies grew, stockpiles of refined products declined; gasoline and diesel inventories both fell during the same timeframe. Additionally, domestic crude oil production saw a slight decrease, dropping by 61,000 barrels per day to 13.6 million barrels daily. The report highlights a divergence between supply accumulation in raw materials and consumption trends in finished fuels.
Wire timeline
U.S. Crude Oil Stockpiles Rise for Seventh Consecutive Week
According to data released Wednesday by the U.S. Energy Information Administration (EIA), commercial crude oil inventories in the United States increased for a seventh straight week, defying analyst expectations. Stocks excluding the Strategic Petroleum Reserve rose by 3.1 million barrels to reach 464.7 million barrels for the week ended April 3, placing them approximately 2% above the five-year average for this period. While crude supplies grew, stockpiles of refined products declined; gasoline and diesel inventories both fell during the same timeframe. Additionally, domestic crude oil production saw a slight decrease, dropping by 61,000 barrels per day to 13.6 million barrels daily. The report highlights a divergence between supply accumulation in raw materials and consumption trends in finished fuels.
WSJ.com: Markets