(MENAFN) In an unexpected twist, the United States experienced a notable surge in inventories of crude oil, gasoline, and distillates during the past week, as revealed by the US Energy Information Administration's report on Wednesday. The data contradicted analysts' projections, particularly in a Reuters poll that had anticipated a decline of 933 thousand barrels in crude inventories.
According to the administration's announcement, crude oil inventories recorded a surprising increase of 1.6 million barrels, reaching a total of 449.7 million barrels. Additionally, the report highlighted a considerable uptick of 1.9 million barrels in oil inventories at the delivery center in Cushing, Oklahoma.
The administration further detailed that American refineries exhibited a heightened consumption of crude oil, with a notable surge of 518 thousand barrels per day during the previous week. This surge coincided with a 2.8 percentage point increase in refinery operating rates.
Gasoline stocks also witnessed an unexpected rise, totaling 1.8 million barrels and reaching 218.2 million barrels in the past week. This contradicted analysts' expectations in the Reuters poll, which had predicted a more modest increase of 229 thousand barrels.
In a surprising deviation from projections, distillate stocks, encompassing diesel and heating oil, experienced a substantial surge of 5.2 million barrels in the past week, bringing the total to 110.8 million barrels. Analysts had anticipated a decrease of 394 thousand barrels.
The administration clarified that net US imports of crude oil exhibited an unexpected decline last week, decreasing by 665,000 barrels per day.
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