U.S. crude oil inventories increase, gasoline, distillate inventories fall
Date
2/29/2024 3:49:58 AM
(MENAFN) According to the US energy Information Administration's report released on Wednesday, there was a notable uptick in crude oil inventories in the United States, marking an increase of 4.2 million barrels to reach a total of 447.2 million barrels by the week ending February 23. This figure surpassed the projections of analysts surveyed by Reuters, who had anticipated a rise of 2.7 million barrels. Additionally, the report highlighted a significant surge in crude oil stocks at the delivery hub in Cushing, Oklahoma, which saw an increase of 1.5 million barrels per day, bringing the total to 29.5 million barrels.
Conversely, gasoline inventories in the US experienced a decline of 2.8 million barrels during the same week, resulting in a total of 244.2 million barrels. This decrease differed from the expectations of analysts participating in the Reuters poll, who had forecasted a more moderate decline of 1.5 million barrels. Meanwhile, the report also noted a decrease in distillate stocks, encompassing diesel and heating oil, which fell by 510,000 barrels to reach a total of 121.1 million barrels. This decline deviated from projections, as analysts had anticipated a larger decrease of 2.1 million barrels.
The data underscores the dynamic nature of energy markets and the interplay of various factors influencing supply and demand dynamics. These inventory fluctuations have implications for market participants, shaping their assessments of supply adequacy and influencing price dynamics in the energy sector.
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