EIA reports higher crude inventories but lower gasoline stocks than expected
The EIA reported crude inventories rose 5.5 million barrels last week, but total gasoline inventories fell 3.1 million barrels, both of which beat analyst expectations.。
On February 7, the U.S. Energy Information Administration (EIA) released its weekly oil status report.。The report showed crude oil inventories rose 5.5 million barrels last week, beating analysts' expectations of 1.9 million barrels.。Currently, crude oil inventory levels are about 4% below the five-year average for the same period last year.。
At the same time, total gasoline inventories fell by 3.1 million barrels, defying analysts' expectations for an increase of 140,000 barrels, and diesel fuel inventories fell by 3.2 million barrels.。
Crude oil imports rose 1.3 million bpd from last week to an average of 6.9 million bpd。And as the United States continues to purchase oil for the Strategic Petroleum Reserve, the Strategic Petroleum Reserve has increased from 3.57.4 billion barrels increased to 3.5.8 billion barrels。
According to the most recent quarterly report, U.S. oil companies plan to increase production, so domestic crude oil production increased from 13 million barrels per day to 13.3 million barrels per day.。
WTI rose above $74 a barrel after the EIA report, while Brent rose above $79 a barrel.。Traders ignored the increase in domestic crude oil production and instead focused on the decline in gasoline inventories, indicating strong demand.。On the other hand, the continued purchase of strategic oil reserves has also had a positive impact on the oil market.。
Traders will continue to watch developments in Israeli-Palestinian conflict。More recently, Hamas has renewed its proposal for a ceasefire in Gaza, which also includes a complete withdrawal of Israeli troops.。Obviously, Israel will not accept such a request, so the geopolitical premium in the oil market may be raised in favor of the oil market.。
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