Stockpiles Reach 20-Month High After Seven Straight Weeks of Rise
According to the Energy Information Administration’s Weekly Petroleum Status Report, stockpiles rose for a seventh consecutive week and reached their highest level in 20 months. The report stated that stockpiles increased by 2.423 million barrels during the week ending February 1st.
Industry Forecast Met with a 2.457M Barrel Build
Industry analysts forecasted an average build of 2.457 million barrels for the last week, which was in line with the actual build reported by the EIA. The previous week saw a 4.14 million barrel increase, ending on January 27th.
37 Million Barrels of Crude Built Over Seven Weeks
The EIA reported that there has been a total build of nearly 37 million barrels of crude over the past seven weeks. The current stockpiles stand at their highest since June 2021, as reported by the statistical arm of the US Energy Department.
Crude Output Reaches 12.3 Million Bpd
Crude output rose by 100,000 barrels per day, reaching a total of 12.3 million bpd. This marks the highest production since April 2020, when the outbreak of the coronavirus pandemic left production high and demand low.
Gasoline Inventories See a Rise of 16 Million Barrels
Gasoline inventories have risen by almost 16 million barrels since the start of 2023. In the previous week, the distillate build stood at 2.32 million barrels. Distillates, which are refined into diesel for transportation and fuel for jets, were previously the strongest component of the US petroleum complex in terms of demand. However, prior to the build two weeks ago, distillate stockpiles had fallen by around 5 million barrels over a four-week period.