Crude Sees Another Build in Todays EIA Report.
- Crude Inventories 🔺up 7.6M
- Gasoline 🔽 down 1.9M
- Distillates 🔺up 2.7M
- Ethanol 🔽up 11M
- SBR ⛔ No Change
The U.S. Energy Information Administration (EIA) report a crude oil inventory build of 7.6 million barrels for the week to February 17, causing crude oil prices to fall today. Although the previous week had seen a larger build of 16.3 million barrels, that build was the result of data adjustment rather than an actual accumulation of crude in storage. As a result, the market largely shrugged off the comparison. U.S. crude oil inventories currently stand at 479 million barrels, which is above the five-year average for this time of year. Meanwhile, the EIA estimated a decline in gasoline inventories of 1.9 million barrels for the same week, with daily production averaging 9.4 million barrels.
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