US crude stockpiles rose last week, resuming their uptrend for a fourth week in five, as refiners boosted imports to make more fuel products such as gasoline and diesel while exporters shipped out less raw oil, data from the Energy Information Administration (EIA) showed on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 27th October, 2021) US crude stockpiles rose last week, resuming their uptrend for a fourth week in five, as refiners boosted imports to make more fuel products such as gasoline and diesel while exporters shipped out less raw oil, data from the Energy Information Administration (EIA) showed on Wednesday.
Crude stockpiles rose by 4.27 million barrels during the week to October 22, after the previous week's decline of 431,000, the EIA's Weekly Petroleum Status Report showed.
Analysts polled by US media had expected a rise of around 2 million barrels for the week, putting what the EIA reported at almost double to expectations.
In three weeks prior, crude inventories had risen without stop, building by a total of around 13 million barrels.
"The near 4.3 million barrel crude build in the latest week might look big, but in the grander context of what's going on, it's nothing as the US supply situation of crude is still way below the weekly need for petroleum products such as gasoline and diesel," John Kilduff, founding partner of energy hedge fund Again Capital, said.
Gasoline stockpiles fell by almost 2 million barrels last week, adding to the previous week's draw of 5.37 million. Inventories of distillates, which included diesel, slipped by 432,000 barrels after a decline of 3.9 million the week prior.
The EIA data showed that crude oil imports rose by 430,000 barrels per day, or 3 million on the week, while exports fell by 273,000 barrels daily or a combined 1.9 million on the week.
