US Crude Oil Stocks Has Risen

US Crude Oil Stocks Has Risen

US commercial crude oil inventories increased 500 thousand barrels last week compared to the previous week. The U.S. Energy Information Administration (EIA) announced that the country's commercial crude oil stocks rose by 500 thousand barrels (0.1 percent) last week to 443.3 million barrels. Market expectations were that inventories would increase by 2.5 million barrels. Strategic crude oil stocks, which were not included in the commercial crude oil stocks, remained unchanged last week at 635 million barrels. In the period in question, US gas stocks decreased by 2.7 million barrels (1 percent) to 256.4 million barrels. OIL PRODUCTION DECREASED US crude oil imports rose by an average of 330 thousand barrels a day compared to the previous week, while 6.22 million barrels a day, while oil exports rose by an average of 93 thousand barrels a day to 3.66 million barrels. In the period in question, crude oil production of the USA fell by 8 thousand barrels per day. Thus, production was around 13 million barrels in the week of February 15-21. In the EIA's "February 2020 Short-Term Energy Outlook", the country's average daily crude oil production is estimated to be 13.2 million barrels this year.