US crude oil inventories increased

The US Energy Information Administration (EIA) announced that the country's commercial crude oil inventories rose by approximately 5 million 500 thousand barrels last week to reach 427 million 400 thousand barrels. Market expectations were for an increase of 674 thousand barrels.

Strategic crude oil inventories, which are not included in commercial crude oil inventories, also increased by 600 thousand barrels to reach 358 million barrels.

During the same period, US gasoline inventories decreased by approximately 3 million 100 thousand barrels to 251 million barrels.

INCREASE IN CRUDE OIL EXPORTS

US crude oil imports increased by an average of 1 million 302 thousand barrels per day last week compared to the previous week, reaching 6 million 907 thousand barrels, while crude oil exports decreased by an average of 298 thousand barrels per day to 3 million 596 thousand barrels.

The country's daily crude oil production was recorded as 13 million 735 thousand barrels for the week of January 27 - February 2, an increase of 302 thousand.

According to the EIA's "February 2024 Short-Term Energy Outlook Report," the US average daily crude oil production is expected to be 13 million 100 thousand barrels this year and 13 million 490 thousand barrels next year.

News Source: 12punto