During the week ending Dec. 9, commercial reserves rose by 10.2 million barrels, while analysts had expected a decline of 3.5 million.
Commercial oil reserves rose last week according to data released Wednesday by the US Energy Information Agency (EIA), a jump mainly due to bad weather conditions that halted exports.
During the week ending Dec. 9, these commercial stocks rose by 10.2 million barrels, when analysts expected a drop of 3.5 million, according to a consensus set by the Bloomberg agency.
This increase is to be reduced with the new release of 4.7 million barrels of strategic reserves, the lowest since January 1984.
It can also be explained by a statistical adjustment in US oil supply of 2.2 million barrels per day, or nearly 16 million barrels for the week.
According to Kpler’s Matt Smith, this correction is due to fog in the Houston (Texas) region, which has limited exports from this important area for the US oil trade.
The analyst therefore expects a downward adjustment in the next publications, as the crude oil blocked in the United States can once again be exported normally.
The effect on inventories was further increased by the acceleration of imports (-14%), which are expected to slow down in the coming weekly reports due to the closure of the Keystone pipeline, which normally transports about 600,000 barrels per day from Canada to the United States. recalls Matt Smith.
In the week under review, gasoline reserves increased by almost double what analysts expected, or 4.7 million barrels against the 2.5 announced.
That’s a sign of anemic demand in the US, which remained 13% lower than the same period last year. It’s at its lowest since January.
As for production, it fell slightly, to 12.1 million barrels per day, i.e. the maximum range in which it has been evolving for more than six months, except for 12.2 million in the week ending December 2nd.
