US oil inventories up last week, production down

According to the Energy Information Administration (EIA), US crude inventories showed a week-on-week increase of 0.72mb (forecast: -1.5mb) to almost 419mb. The American Petroleum Institute (API) also trimmed its weekly inventory draw by 1.3mb:

Gasoline was down 3.11 million barrels (forecast: +0.52 million barrels), to 223 million barrels.

Distillates rose 0.28 million barrels (forecast: -2 million barrels) to 120.2 million barrels.

U.S. black gold production decreased by 100,000 barrels per day. Accordingly, the figure was approximately 12 mln bpd.

The statistics showed a mixed result. Oil reserves were unexpectedly replenished, albeit marginally. At the same time, after two and a half months of strong growth, gasoline reserves were much lower than forecast. In addition, oil production also declined slightly.