U.S. oil inventories rose more than expected in a week

MOSCOW, 14 Sep — PRIME. U.S. commercial oil inventories (excluding the strategic reserve) rose 2.4 million barrels, or 0.6%, to 429.6 million barrels in the week ended Sept. 9, the Energy Information Administration’s weekly review said.

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Analysts polled by the DailyFX portal expected an increase in inventories of only 0.83 million barrels.

In addition, the country’s strategic oil reserve fell by 8.4 million barrels, or 1.9%, to 434.1 million barrels, the ministry adds. The index is at its lowest level since October 1984.

Oil reserves at the country’s largest terminal in Cushing (Cushing) for the reporting period decreased to 24.6 million from 24.8 million barrels.

Inventories of gasoline in the US decreased from last week’s level of 214.8 million and amounted to 213 million barrels. Analysts, in turn, expected a decline of 0.86 million barrels. Distillate inventories rose by 4.2 million barrels (3.8%) to 116 million barrels. An increase of 0.6 million barrels was forecast.

OIL PRODUCTION

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U.S. oil production for the week ended Sept. 9 was unchanged from the previous week at 12.1 million bpd, according to a weekly review by the country’s Energy Information Administration.

Thus, the level of production remains at around 12.1 million barrels for the third week in a row. On average, over the past four weeks, US oil production amounted to 12.075 million barrels per day.

The department reports exact data on production in a monthly report with a difference of two months. According to the final data, oil production in June amounted to 11.82 million barrels per day, and in July – 11.71 million barrels. For the whole of last year – an average of 11.254 million barrels per day.

On September 7, the US Department of Energy lowered the forecast for average oil production in the country for the current year by 70,000 barrels per day, to 11.79 million, and for the next year, also by 70,000 barrels, to 12.63 million barrels per day.

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