US oil inventories rose during the past week, for the first time in 4 consecutive weeks, distillate stocks also increased, while gasoline stocks stabilized.
According to the weekly report issued by Energy information management Today, Wednesday (July 12, 2023), US crude inventories increased by 5.9 million barrels, during the week ending July 7, 2023, bringing the total to 458.1 million barrels.
Estimates by Standard & Poor’s Global indicated that US oil stocks declined by about one million barrels, according to what was monitored by the Energy Research Unit.
The strategic reserves of oil stocks declined by about 0.4 million barrels during the past week, bringing the total to the level of 346.8 million barrels.
This means that had it not been for the withdrawal from the strategic reserve, the commercial oil stocks in the United States would have increased by 5.5 million barrels, but the impact on the markets depends on the change in the commercial stock, according to what was monitored by the Energy Research Unit.
According to a law approved by the US Congress, withdrawals from the strategic stockpile usually occur, with the aim of mitigating the budget deficit by covering annual sales from the reserve and its management costs.
US gasoline stocks
US Gasoline Inventories did not change significantly over the past week, remaining at 219.5 Million Barrels.
While distillate stocks – which include diesel, heating fuel and others – rose by about 4.8 million barrels, to reach 118.2 million barrels.
Analysts had expected a drop in gasoline stocks by 1.1 million barrels, while distillate stocks were expected to rise by 150,000 barrels.
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2023-07-12 14:48:43
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