During the week ended October 6, commercial crude reserves increased by 10.2 million barrels, while analysts were betting on a decline.
U.S. crude oil inventories jumped last week, surprising analysts, according to figures released Thursday by the U.S. Energy Information Administration (EIA), due to an increase in production and a decline in exports.
During the week ended October 6, commercial crude reserves increased by 10.2 million barrels, while analysts were betting on a decline. Gasoline stocks fell by 1.3 million barrels, more than expected.
Crude prices, which were in the green before the publication of the report, remained so around 3:20 p.m. GMT but clearly slowed their rise.
A barrel of Brent from the North Sea, for delivery in December, rose 1.19% to 86.81 dollars.
Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery in November, rose 0.99% to $84.25.
The increase in crude stocks is explained in particular by an increase in production, 13.2 million barrels per day, or 300,000 more than last week. Imports increased significantly (+2 million barrels) while exports fell by almost as much (-1.9 million).
The capacity utilization rate of refineries has fallen to 85.7%, which also has a mechanical effect on the increase in stocks of crude, not yet refined.
Demand for refined products, however, remained strong at 19.66 million barrels per day compared to 19.15 million the week before.
On average over four weeks, the figure most used by analysts, refined products delivered to the American market reached an average of 20 million barrels per day (+0.1%).
2023-10-12 16:17:42
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