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U.S. crude stockpiles up almost 1.7M barrels last week, more than forecast

AuthorBarani Krishnan
Published 01/05/2023, 11:18 AM
Updated 01/05/2023, 11:19 AM
© Reuters.

By Barani Krishnan

Investing.com -- Stockpiles of U.S. crude oil rose some 47% more than expected last week while those distillates had a much larger draw than forecast, weekly inventory from the Energy Information Administration, or EIA, showed Thursday.

Crude stockpiles saw a build of 1.694 million barrels during the week ended Dec. 30, the EIA said, versus expectations for a rise of 1.154 M. In the previous week to Dec. 23, crude balances rose by 718,000 barrels.

On the distillates front, there was a drawdown of 1.427M barrels last week versus expectations for a drop of just 396,000 barrels. In the previous week, distillate inventories fell by 282,000 barrels.

With gasoline stockpiles, there was a decline of 346,000 barrels versus a forecast draw of 486,000. In the previous week, gasoline balances fell by 3.105 M barrels.

Latest comments

good job refilled stock pile but need to get refining & gasoline production up to keep pricing down. Govt has said it is not releasing anymore of its stock piles.
The stock market should be very thankful there is not a reason for oil to be 120 a barrel.
world wide scam, stock piles up, prices up. what the
The data actually shows that there has been a significant drawdown of crude and crude products. Also, the SPR drawdown is not included so the increase in commercial crude storage is artificially inflated to make it look like there is a surplus.
Precisely. Barani doesn’t report SPR too often. Nobody does though. They play on the opposing team.
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