U.S. Crude Oil Stockpiles Post Unexpected Build

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1. 42m ago

   U.S. Crude Oil Stockpiles Rise by 3 Million Barrels

   U.S. crude oil inventories increased by 3 million barrels, an unexpected build that caused oil prices to fall. This gain occurred at both the national level and the Cushing hub. While crude stocks rose, inventories for gasoline and distillates continued to decline. The results defied EIA expectations, which had predicted a crude oil decrease of 0.595 million barrels and a distillate decrease of 0.599 million barrels.

   Why it matters

   The U.S. has previously used its strategic petroleum reserve to lower gasoline prices following conflict with Iran. Current efforts to replenish these low reserves may involve oil from Venezuela.

   What is confirmed

   • U.S. crude oil inventories increased by 3 million barrels.
   • The build in U.S. crude oil inventories was larger than expected.
   • Oil prices fell following the report of larger-than-expected U.S. inventories.

   Still unconfirmed

   • The Cushing hub saw a surprising gain in stored oil.
   • The U.S. may use oil from Venezuela to refill the Strategic Petroleum Reserve.

   What to watch next

   • Next EIA inventory report for trends in gasoline and distillate declines
   • Updates on Venezuelan oil imports for Strategic Petroleum Reserve replenishment
   Sources used for this update (7)

   1. WSJ — U.S. Crude Oil Stockpiles Post Unexpected Build
   2. Crude Oil Prices Today | OilPrice.com — US Gasoline, Distillate Inventories Continue to Fall as Crude Stocks Hold
   3. Breakingthenews.net — EIA: US crude inventories up by 3M barrels
   4. Oklahoma Energy Today — Cushing hub and U.S. see surprising gain in stored oil
   5. Newsquawk — EIA Expectations: Crude -0.595M, Distillate -0.599M, Gasoline 0M
   6. WSJ — Oil Falls on Larger-Than-Expected Build in U.S. Inventories
   7. www.ideastream.org — The U.S. Strategic Petroleum Reserve is low. Here's why you should care
   confidence 90%