US Government Data Shows Big Build in Oil Inventories
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EIA data showed that oil inventories rose much more than expected.
The report showed that US Crude Oil Inventories rose 7.052 million barrels, versus the consensus of a 2.6 million barrel build. Gasoline Inventories rose 3.588 million barrels, versus the consensus of a 1.9 million barrel build. Distillate Inventories rose 135,000 barrels, versus the consensus of a 2.1 million barrel draw-down.
US refinery utilization was down 0.62%, versus the consensus of -0.04%.
The report has sent the price of crude down about $1.40 to $87 per barrel.
The report showed that US Crude Oil Inventories rose 7.052 million barrels, versus the consensus of a 2.6 million barrel build. Gasoline Inventories rose 3.588 million barrels, versus the consensus of a 1.9 million barrel build. Distillate Inventories rose 135,000 barrels, versus the consensus of a 2.1 million barrel draw-down.
US refinery utilization was down 0.62%, versus the consensus of -0.04%.
The report has sent the price of crude down about $1.40 to $87 per barrel.
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