• EIA’s report reveals surprise increase in U.S. crude oil inventories

Market news

10 September 2020

EIA’s report reveals surprise increase in U.S. crude oil inventories

The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories rose by 2.032 million barrels in the week ended September 4. Economists had forecast a decrease of 1.335 million barrels.

At the same time, gasoline stocks dropped by 2.954 million barrels, while analysts had expected a decline of 2.384 million barrels. Distillate stocks fell by 1.675 million barrels, while analysts had forecast a drop of 0.557 million barrels.

Meanwhile, oil production in the U.S. increased by 300,000 barrels a day to 10.000 million barrels a day.

U.S. crude oil imports averaged 5.4 million barrels per day last week, increased by 0.5 million barrels per day from the previous week.

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