US crude stocks rise, production remains at record high
April 11, 2019 / Ovunc Kutlu
Crude oil stocks in the U.S. increased last week, while crude production remained at a record high level, according to data released by the Energy Information Administration on Wednesday. Commercial crude oil stocks increased by 7 million barrels, or 1.6 percent, to 456.6 million barrels for the week ending April 5, the EIA said. The market expectation was an increase of 2.3 million barrels. Stocks rose by 7.2 million barrels during the previous week
Strategic petroleum reserves, which are not included in the commercial crude stocks, remained unchanged at 649.1 million barrels last week, according to the data. Gasoline inventories, on the other hand, decreased by 7.7 million barrels, or 3.3 percent, to 229.1 million barrels during that period. The market expectation was a decline of 2 million barrels. During the previous week, gasoline inventories fell by 1.8 million barrels.