EIA Reports U.S. Crude Oil Inventories Rose 922,000 Barrels, Defying Expectations

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Summary · why it matters

The U.S. Energy Information Administration, or EIA, reported that U.S. crude oil inventories rose by 922,000 barrels last week, defying analysts' expectations of a 700,000-barrel decline. Meanwhile, crude stocks in Cushing, Oklahoma, the delivery point for U.S. crude futures contracts, increased by 553,000 barrels. Gasoline inventories fell by 1.6 million barrels last week, more than the 500,000-barrel decline analysts had expected, while distillate inventories, which include heating oil and diesel, dropped by 2.2 million barrels, exceeding analysts' forecast of a 200,000-barrel decline.

Impact on assets 3

Others± Mixed · 3 stocks
⛏Crude Oil WTI Futures
WTI
▼ NegativeSupplyrelevance

U.S. crude inventories rose 922,000 barrels, defying expectations of a decline, signaling ample supply that pressures WTI prices.

⛏Heating Oil Futures
HEATOIL
▲ PositiveSupplyrelevance

Distillate inventories fell 2.2 million barrels, far exceeding the expected 200,000-barrel drop, tightening heating oil supply.

⛏Brent Crude Oil Futures
BRENT
▼ NegativeSupplyrelevance

Surprise build in U.S. crude stocks signals looser global supply-demand balance, weighing on Brent crude.