U.S. Oil Inventories Rise to Highest Since July 2021 in a Week

MOSCOW, 13 Oct – PRIME. Commercial oil reserves in the United States (excluding the strategic reserve) for the week ended October 7 increased immediately by 9.9 million barrels, or 2.3%, to 439.1 million barrels, the highest since the end of July 2021, follows from the weekly review of the Energy Information Administration of the Ministry of Energy of the country.

Analysts polled by the DailyFX portal had expected stocks to rise by only 1.75 million barrels.

In addition, the country’s strategic oil reserve fell by 7.7 million barrels, or 1.8%, to 408.7 million barrels, the ministry adds. The index is at its lowest level since June 1984.

Oil reserves at the country’s largest terminal in Cushing fell to 25.6 million from 26 million barrels during the reporting period.

U.S. gasoline inventories rose 2 million barrels to 209.5 million barrels from last week’s level of 207.5 million. Analysts, by contrast, expected a decline of 1.8 million barrels. Distillate inventories decreased by 4.9 million barrels (by 4.4%) and amounted to 106.1 million barrels. A decline of only 2 million barrels was predicted.