Us Crude Oil Inventories Increased By 16 Million Barrels

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Us Crude Oil Inventories Increased By 16 Million Barrels

US Crude Oil Inventories Increased By 16.3 Million Barrels

It appears that the crude oil stockpiles of the USA continue to rise, according to the latest government data. As per the data, this is the 8th consecutive week that the stockpiles are rising.

The speed at which these stockpiles are growing is almost x10 more than what the analysts were forecasting. In addition, the current data reveal that these crude oil inventories have become the 4th largest build-up in US history.

Gasoline Demand In The USA Has Declined

The data till February 10 tells us that an increase of 16.283M barrels was recorded in the US crude inventories. Similarly, the crude inventories of commercial nature also increased by 50.75 million barrels.

This climb in inventories comes at a time when the US refineries are undergoing seasonal maintenance. In other words, less crude oil is being processed by the US refineries.

The data also revealed that the average input of the US refineries was around 15 million barrels/day. When compared with last week's data, it was around 383K less!

Similarly, the operational capacity of US refineries is also around 86.5%, while the normal value is usually around 90% or a little more.

Overall, the current build-up of crude oil barrels in the USA is the 4th biggest in the entire history of the USA. In fact, even the third-party analysts were only expecting a build-up of 1.166 million barrels.

According to one expert, the crude buildup in the USA is gigantic but not shocking as even the API data hinted towards it!

Earlier, the API (American Petroleum Institute) data showed that 10.507 million barrels of crude oil were added to the US reserves.

Considering how the USA is a major market for crude oil & other energy products, the recent data from EIA will most definitely shake up the prices of crude oil around the world.

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