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U.S. crude inventories up 16.3M barrels, fourth largest build ever

Published 02/15/2023, 10:34 AM
Updated 02/15/2023, 11:18 AM
© Reuters.

© Reuters.

By Barani Krishnan

Investing.com -- U.S. crude stockpiles rose for an eighth straight week last week and almost 10 times more than forecast, government data showed.

U.S. crude inventories rose by 16.283 million barrels during the week ended Feb. 10, the Energy Information Administration, or EIA, said in its Weekly Petroleum Status Report.

U.S. commercial crude inventories have risen 50.75M barrels so far this year.

The climb came as most U.S. refineries entered seasonal maintenance that foresaw less processing of crude.

U.S. crude oil refinery inputs averaged 15.0M barrels per day during the week ending February 10, which was 383,000 barrels per day less than the previous week’s average, the EIA said.

Refineries operated at 86.5% of their operable capacity last week, the agency added. Typically, inventory runs at this time of the year are about 90% or more.

Last week’s crude build was the fourth-largest ever in the history of the EIA’s reporting, data showed. It was also the third largest in eight straight weeks of builds.

Industry analysts tracked by Investing.com had forecast a build of just 1.166M for the week.

“That's a gigantic build,” analyst Adam Button said on the ForexLive platform. “It's not entirely shocking as the API data late yesterday also showed a large build, but not that large.”

Trade group API, or the American Petroleum Institute, using its own data, reported a crude build of 10.507M barrels for the week ended Feb. 10.

Besides crude, the EIA also reported a build in stockpiles of gasoline while noting a dip in distillate inventories.

On the gasoline inventory front, the EIA reported a build of 2.317M, versus the forecast rise of 1.543M and adding to the previous week's rise of 5.008M. Gasoline inventories have gone up by more than 19M barrels since 2023 began. Automotive fuel gasoline is the No. 1 U.S. fuel product.

The EIA said U.S. gasoline demand over the past four weeks slipped by 3.2% from a year ago, to 8.334M barrels per day.

Distillate stockpiles resumed their drop last week after rising in the previous week for the first time in five weeks. Distillate stockpiles fell by 1.285M versus the expected build of 0.447M. In the previous week, the distillate build was 2.932M.

Latest comments

Its fake numbers to push price lover to US goverňent can buy cheaper. Same manipulation like with CPI published and then reevaluate it in silence
Since buying at 70 didn't work, he's back to selling until he goes bust. There's no way Biden wants to sell at low prices.
thanks mexico and venezuela to pump up oil inventories for free
?
O ya forgot came from S.P.R
Funny how not one person has insulted you ,yet you insulted every person with different view great character
 If you're referring to my interaction with Rubbing Hands, that's a running love tussle between the two of us, LOL. Anyway, I don't think I insulted you, Chris. All I did was to remind you that SPR outflows have stopped for weeks and that you shouldn't throw that in as a buzzword (the way many do) to try and explain away eight straight weeks of crude builds. And me saying bulls live in an alternate reality isn't exactly an insult either, but more of an opinion. But since you brought it up, my regrets if I had offended your sensibilities. You have to sit on my side to sometimes see the polemic attacks I've subjected to for trying to present a balanced report (which is coming up in this afternoon's oil report, due soon). Bests to you.
Much appreciated understand negative remarks begat negative, I respect your opinion just disagree at times good day Barani
No 1 can afford to go anywhere because of biden.
fill S.P.R.
amazing, they don't even mention the bullish fuel numbers. Something doesn't add up...
Bullish? how is a historical build numbers bullish?
 It is bullish in Rubbing Hands' fermented brain."On the gasoline inventory side, the EIA reported a build of 2.317 million, against a forecast rise of 1.542 million and the prior week’s 5.008 million. Gasoline inventories have gone up by more than 19 million barrels since the start of the year. The automotive fuel is the primary US fuel product. The EIA said US gasoline demand over the past four weeks fell 3.2% from a year ago, to 8.334M barrels per day." Only thing remotely bullish is this: "Distillate stockpiles resumed their drop after rising last week for the first time in five weeks. Distillate inventories fell by 1.285 million versus an expected build of 0.447 million. In the previous week, distillate stocks rose by 2.932 million."
"Fermented brain"! LOL
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