Oil stocks up 21.5 million barrels: MSRP

© Reuters.

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. “

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