Oil stocks up 21.5 million barrels: MSRP
By Liz Moyer
Investing.com – US oil inventories have risen far more than expected over the past week, the Energy Information Administration said on Wednesday.
rose 21.5 million barrels last week, compared to analyst expectations for a 928,000 barrels draw.
Inventories, which include diesel and diesel, fell 9.7 million barrels for the week, contrary to expectations for a 3.03 million barrels draw, EIA data showed.
Crude oil volumes fell by 2.3 million barrels. The weekly rate fell by 12.6%, according to the EIA report.
“It looks like the Texas shutdown was more of an Armageddon for crude oil supplies than a seismic shift,” Barani Krishnan, an analyst at Investing.com said week down 68.6% the previous week. The typical running rate at this time of year, of course without a pandemic, is between 85% and 95%. Under the pressure of supply, crude oil imports rose 1.7 million barrels a day to 6.3 million barrels a day. Surprisingly, production also increased by 300,000 bpd to 10.0 million. “
The MSRP announced last week that it was down 13.6 million barrels compared to expectations for a draw of 2.3 million barrels.
“On the outflow side, crude oil exports have barely changed at 2.35 million bpd,” added Krishnan. Accordingly, the product losses were just as astonishing: gasoline came six times over the consensus and distilled estimates of consumption. As I said last week, it will be at least a couple of weeks before the numbers in Texas show some sort of normalcy. Last week was the first, so get ready for a little more madness if you will. “
Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this information.
Fusion Media or any person involved with Fusion Media assumes no liability for any loss or damage caused by reliance on the information contained on this website, such as data, offers, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible.