EIA: US commercial crude and gasoline stocks rose more than expected

The latest report from the Energy Information Administration showed 19 million barrels built up in the US commercial crude stocks last week to 439.6 million barrels, signifying the largest increment since February 2021. This was mostly attributed to the slow recovery progress of refineries around the country after the winter storm that sent temperatures plunging to sub-zero levels. 

Refinery production rates increased by 4.5% during the week, bringing the activity level up to 84.1% 

In line with the prediction of analysts, total gasoline stocks resumed building up after a brief decline the week before, adding 4.1 million barrels to 226.8 million barrels. The large accumulation raised some concerns about the demand conditions, but the data suggested that the latest gasoline stockpiles were about 7% below the five-year average. 

Reported by: Johnathan Yong