Sunday , May 9 2021

US crude stocks hit the week's largest since February 2017 latest news

US crude oil indices jumped more than 10 million barrels last week, while imports rose and gasoline and distillate stocks fell, according to the US Energy Information Administration.

Crude stocks jumped 10.3 million barrels on Sunday, which ended on November 9, while analysts forecast an increase of 3.2 million barrels.

This is the largest weekly increase in US crude stocks since February 2017.

Crude stocks reached 442.1 million barrels, the highest level since the beginning of December 2017.

The information department has announced that oil deliveries at the delivery center in Kashington, Oklahoma, increased by 1.17 million barrels.

Refinery consumption increased by 24,000 bpd, with operating rates of 0.1 percentage points.

The Energy Information Directorate also said that US crude oil production rose 100,000 barrels a day last week to a record of 11.7 million barrels per day.

Gasoline inventories rose by 1.4 million barrels, compared with analysts' forecasts in the Reuters poll of 1.5 million barrels.

Data from the Energy Information Directorate showed that distillate stocks, including diesel and fuel oil, fell by 3.6 million barrels and a decrease of 1.7 million barrels is expected.

Net imports of crude oil rose 268,000 bpd to 5.4 million bpd last week.

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