The Energy Information Administration in the United States said, on Thursday, that the country’s stocks of crude oil rose last week to the highest level since May 2021, and distillate stocks also increased, while gasoline stocks fell.
The administration’s data showed that crude inventories rose by 7.6 million barrels to 479 million barrels in the week ending February 17, compared to analysts’ expectations in a Reuters poll, an increase of 2.1 million barrels.
According to the administration, crude inventories at the delivery center in Cushing, Oklahoma, in the United States rose to 40.4 million, the highest level since June 2021.
The data showed that the rate of crude consumption in refineries fell by 17,000 barrels per day in the same week, and the refinery operating rate decreased by 0.6 percent.
The administration indicated that gasoline stocks fell by 1.9 million barrels, compared to analysts’ expectations in a Reuters poll, with an increase of 110 thousand barrels.
The data showed that distillate stocks, which include diesel and heating oil, rose by 2.7 million barrels in the same week, compared to expectations for an increase of 1.1 million barrels.
It noted that net US imports of crude fell last week by 1.4 million barrels per day.