US crude oil stockpiles have risen seven weeks in a row to 20-month highs as plant outages and weaker demand for fuels led to lower-than-usual refining activity at this time of the year, a government energy report indicated
WASHINGTON (Pakistan Point News / Sputnik - 08th February, 2023) US crude oil stockpiles have risen seven weeks in a row to 20-month highs as plant outages and weaker demand for fuels led to lower-than-usual refining activity at this time of the year, a government energy report indicated.
Crude inventories rose by 2.423 million barrels during the week ended February 1, the Energy Information Administration (EIA) said in its Weekly Petroleum Status Report.
Industry analysts polled by US media forecast a build of 2.457 million barrels on the average for last week, compared with the 4.14 million-barrel rise during the previous week to January 27.
The EIA has reported a total crude build of almost 37 million barrels over the past seven weeks.
That had led to crude stockpiles reaching their highest since June 2021, the EIA, which serves as the statistical arm of the US Energy Department, said.
Crude output itself rose by 100,000 barrels per day (bpd to reach 12.3 million bpd. That was the highest output since April 2020, when the outbreak of the coronavirus pandemic then left production sky-high and demand rock-bottom.
Crude exports, meanwhile, tumbled 17% on the week, to 2.9 million bpd from 3.492 million bpd the prior week.
On the gasoline inventory side, the EIA reported a build of 5 million barrels, versus the forecast for a 1.271 million-barrel rise and the previous week's growth of 2.576 million barrels.
Gasoline inventories have picked up by almost 16 million barrels since 2023 began. Automotive fuel gasoline is America's No. 1 fuel product.
Distillate stockpiles, meanwhile, rose by 2.932 million barrels versus the expected deficit of 1.271 million. In the previous week, there was a distillate build of 2.32 million.
Until recently, distillates, which are refined into heating oil, diesel for trucks, buses, trains, and ships, and fuel for jets, were the strongest component of the US petroleum complex in terms of demand. Prior to the build two weeks ago, distillate stockpiles had fallen by around 5 million barrels over four weeks.
