The US Energy Information Administration said Wednesday that the country’s oil and gasoline inventories rose last week, while distillate production declined.
Crude oil inventories increased by 16.3 million barrels in the week ended Feb. 10 to 471.4 million barrels, the highest level since June 2021.
The administration said crude inventories at a delivery center in Cushing, Oklahoma, rose by 659,000 barrels last week, also the highest level since 2021, Reuters reported.
He added that the refinery’s crude oil consumption rate was down 383,000 barrels per day per week, while the refinery’s operating rate was down 1.4%.
The administration indicated that gasoline stockpiles rose 2.3 million barrels a week to 241.9 million barrels, beating analysts’ expectations in a Reuters poll, with an increase of 1.5 million barrels.
Administration data showed that distillate inventories, which include diesel and fuel oil, fell 1.3 million barrels a week to 119.2 million barrels, compared with expectations for a 400,000 barrel increase.
It notes that US net oil imports fell by 1.07 million barrels per day last week.
