U.S. Crude Stockpiles Increase More Than Expected
Oil Inventories Rise by 7.2M Barrels
The API reported that U.S. crude stockpiles increased more than expected last week, marking the second-straight week of much larger builds. This has fueled further focus on robust domestic production.
U.S. Benchmark Trades at $78.03 a Barrel
The U.S. benchmark traded at $78.03 a barrel following the report after settling up 1.1% at $77.91 a barrel.
7.2M Barrel Increase Surpasses Expectations
Oil inventories rose by about 7.2 million barrels for the week ended Feb. 16, compared with a build of 8.5M barrels reported by the API for the previous week. Economists were expecting an increase of about $4.3M barrels.
Gasoline and Distillate Stockpile Data
The API data also showed that gasoline inventories rose by about 415,000 barrels, while distillate stockpiles fell by 2.9M barrels. This confounded expectations for a draw of about 2.1M barrels and 1.4M barrels, respectively.
Government Inventory Report Due Thursday
The official government inventory report due Thursday is expected to show weekly U.S. crude stockpiles increased by about 4.3M barrels last week.
