EIA Reports U.S. Crude Oil Inventories Surged 2.9 Million 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 2.9 million barrels last week, contrary to 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 2.3 million barrels. Gasoline inventories fell by 1.7 million barrels last week, while analysts had expected an increase of 100,000 barrels. Distillate inventories, which include heating oil and diesel, declined by 428,000 barrels last week, compared with analysts' expectations of a 600,000-barrel drop.

Impact on assets 3

Others± Mixed · 3 stocks
⛏RBOB Gasoline Futures
GASOLINE
▲ PositiveSupplyrelevance

Gasoline inventories fell 1.7 million barrels versus expectations of a 100,000-barrel build, tightening supply and supporting RBOB gasoline futures.

⛏Heating Oil Futures
HEATOIL
▲ PositiveSupplyrelevance

Distillate inventories declined 428,000 barrels, a larger draw than the expected 600,000-barrel drop was smaller than expected... actually the draw was smaller than expected, but still a draw; supply tightening supports heating oil.

⛏Crude Oil WTI Futures
WTI
▼ NegativeSupplyrelevance

U.S. crude inventories surged 2.9 million barrels and Cushing stocks rose 2.3 million barrels, defying expectations of a decline — a bearish supply glut for WTI.

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