US Energy Administration Reports Surprising Increase in Crude Oil Inventories While Gasoline and Distillate Inventories Fall

US Crude Oil Inventories Unexpectedly Rise

The US Energy Information Administration reported an unexpected increase in crude oil inventories for the week ended May 26th, which sent shock waves through the oil industry.

Crude Inventories Soar

The Energy Information Administration revealed that crude inventories rose by 4.5 million barrels – far higher than analysts’ expectations of a 1.4 million barrel decline, according to a Reuters poll. Additionally, oil inventories at a delivery center in Cushing, Oklahoma, rose by 1.6 million barrels for the same period.

Refinery Consumption and Throughput Rise

The Energy Information Administration also reported an increase in U.S. refinery consumption of crude oil by 96,000 barrels per day; refinery throughput surged by 1.4 points in the same period, providing a level of optimism in an otherwise negative report.

Gasoline Inventories Fall, Distillate Inventories Rise

While gasoline inventories fell by 200,000 barrels, this still bucked analysts’ expectations of a 500,000-barrel decline. Conversely, inventories of distillates, including diesel and heating oil, rose by about one million barrels compared to an expected increase of 900,000 barrels.

US Crude Oil Imports Increase

The Energy Information Administration also revealed that net U.S. crude oil imports recorded an increase of one million barrels per day.

Source: Reuters

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