U.S. crude oil and gasoline inventories unexpectedly rose last week even as exports hit record highs, the Energy Information Administration said on Wednesday in an overall bearish report that raised some concerns about oversupply.
Crude inventories rose 2.2 million barrels in the week to April 20, compared with expectations for a decrease of 2 million barrels. Gasoline stocks grew by 840,000 barrels, versus forecasts in a Reuters poll for a 625,000-barrel drop.
Net U.S. crude imports fell last week by 43,000 barrels per day as exports rose nearly 600,000 bpd to a record 2.3 million bpd, according to the EIA data.
Combined exports of crude and petroleum products also hit a weekly record at 8.3 million bpd, of which more than 6 million bpd was from products like gasoline and diesel fuel. Exports of distillate inventories have been strong of late, draining inventories on the East Coast, a traditional parking spot for distillates like jet fuel.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.