Oil inventories rise by 501 thousand barrels

Wednesday, October 07, 2020 - 15:57
Point Trader Group
Oil inventories rise by 501 thousand barrels

Official data released just before showed that oil inventories in the United States rose last week, more than analysts had expected.

Minutes ago, the US Energy Information Administration released its usual official weekly report on the country's oil reserves. The data showed that oil inventories {{ecl-75 || crude}} rose by 501 thousand barrels last week, and those who had been expecting an increase in inventories by 294 thousand barrels. This is only the second week that stocks have increased in the last 10 weeks.

The report also showed a decline in {ecl-485 || gasoline stocks}} by 1.4 million barrels, which was also much greater than analysts' expectations, who had expected them to decline by 471 thousand barrels only. In addition, stocks of {{ecl-917 || distillate}}, including heating oil and diesel, fell by 962 thousand barrels, which came close to expectations of a decline of 995 thousand barrels.

The other report numbers showed an increase in the quantities of processed crude oil in {{ecl-1960 || refineries}} by 183 thousand barrels during the aforementioned week, which pushed the utilization rate of {{ecl-1961 || production capacity}} of the refineries to an increase of 1.3% On a weekly basis.

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