US oil inventories rise by 2 million barrels
Oil tanks US oil inventories rose during the week ended July 17, according to data released Wednesday by the U.S. Energy Information Administration, contrary to expectations that indicated a decline of 1 million barrels. Crude and product inventories in the United States (million barrels) Item Year ago Week ago Current Weekly change Crude oil 419.0 409.7 411.7 +2.0 Gasoline 231.1 210.5 211.3 +0.8 Distillates 109.9 108.2 109.6 +1.4
US oil inventories rise by 2 million barrels
Oil tanks
Data released Wednesday by the U.S. Energy Information Administration showed a rise in U.S. crude oil inventories by 2 million barrels during the week ended July 17, exceeding expectations that had predicted a decline.
This increase comes at a time when global oil markets are experiencing volatility due to supply and demand factors.
The following table shows the development of crude and petroleum product inventories in the US (million barrels)
Item
Year ago
Week ago
Current
Weekly change
Crude oil
419.0
409.7
411.7
+2.0
Gasoline
231.1
210.5
211.3
+0.8
Distillates
109.9
108.2
109.6
+1.4
US oil inventories
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This increase contradicts analysts' expectations who had predicted a decline in inventories. The unexpected increase may add further pressure on oil prices in global markets. Additionally, the rise in gasoline and distillate inventories indicates a slowdown in fuel demand. Investors are closely monitoring weekly inventory data to assess market trends.
Original source: Argaam
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