Feb 21, 2025
Oil prices increase despite the EIA reporting an increase in crude inventories.
Crude oil inventories in the U.S. increased by 4.6 million barrels for the week ending February 14, according to new figures from the U.S. Energy Information Administration.
Crude oil prices were rising today before the release of the crude data, as the American Petroleum Institute (API) announced a significant build of 3.34 million barrels in U.S. crude oil inventories on Tuesday. At 10:11 am, just minutes before the release, both Brent and WTI benchmarks were trading nearly 0.5% higher at $76.45 and $72.60, respectively.
Today's crude inventory build aligns with seasonal patterns, adding to the 4.1 million barrels estimated by the EIA for the previous week.
For total motor gasoline, the EIA reported a decrease in inventories of 200,000 barrels for the week ending February 14, with production averaging 9.2 million barrels per day. This is compared to a decline of 3 million barrels in the previous week, with an average daily production of 9.3 million barrels.
In the case of middle distillates, the EIA indicated an inventory drop of 2.1 million barrels for last week, with production averaging 4.7 million barrels daily. This contrasts with a slight inventory increase of 100,000 barrels from the week before, when production averaged 4.5 million barrels daily. Currently, distillate inventories are 12% lower than the five-year average for this time of year.
Overall products supplied in the last four weeks rose to an average of 20.4 million barrels per day, reflecting a 3.7% increase compared to the same period last year. Supply of distillate products over the past four weeks has increased by 14.2% year-on-year, while gasoline products supplied also saw an increase.
Crude oil prices were rising today before the release of the crude data, as the American Petroleum Institute (API) announced a significant build of 3.34 million barrels in U.S. crude oil inventories on Tuesday. At 10:11 am, just minutes before the release, both Brent and WTI benchmarks were trading nearly 0.5% higher at $76.45 and $72.60, respectively.
Today's crude inventory build aligns with seasonal patterns, adding to the 4.1 million barrels estimated by the EIA for the previous week.
For total motor gasoline, the EIA reported a decrease in inventories of 200,000 barrels for the week ending February 14, with production averaging 9.2 million barrels per day. This is compared to a decline of 3 million barrels in the previous week, with an average daily production of 9.3 million barrels.
In the case of middle distillates, the EIA indicated an inventory drop of 2.1 million barrels for last week, with production averaging 4.7 million barrels daily. This contrasts with a slight inventory increase of 100,000 barrels from the week before, when production averaged 4.5 million barrels daily. Currently, distillate inventories are 12% lower than the five-year average for this time of year.
Overall products supplied in the last four weeks rose to an average of 20.4 million barrels per day, reflecting a 3.7% increase compared to the same period last year. Supply of distillate products over the past four weeks has increased by 14.2% year-on-year, while gasoline products supplied also saw an increase.