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U.S. Oil Inventories Unexpectedly Jumped 8 Million Barrels Last Week: EIA

Published 07/07/2022, 10:35 AM
Updated 07/07/2022, 11:04 AM
© Reuters.

Investing.com -- U.S. crude oil inventories rose unexpectedly last week, according to the Energy Information Administration. The unexpected spike could stoke fears about demand.

Crude oil inventories jumped 8.2 million barrels against expectations for a draw of 1.04 million barrels. The data were released Thursday, a day later than normal because of the U.S. market holiday earlier this week.

Distillate stocks declined by 1.266 million barrels. The expectation had been for a build of 1.133 million barrels.

Gasoline inventories dropped 2.497 million  barrels against expectations for a draw of 0.480 million barrels.

Latest comments

What they don’t tell you is that that extra jump in the crude inventory is part of Biden’s 5 million barrels coming from the strategic reserve, which by the way has done nothing for the prices of gasoline at the pumps to decrease. The big question becomes who purchased all those gallons of gas from the strategic reserves, at what price were they allowed to purchase it, and then how much profit have they made on oil that was held in the strategic reserves paid for by tax dollars?
also a rise in imports and a drop in exports. Domestically there was no build and those product draws were massive, this was even before the 4th. Im not seeing any true dand destruction yet.
Pure market manipulation!  Yesterday's release of the Fed's June minutes indicated another 50 to 75 pt rate hike and crude rallied, today a jump in inventories and the price of crude is up 5%.  Welcome to backwards world where the price of crude goes up when interest rates and supply increase.
what's the implications of this increment in the present circumstances
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