US Crude Oil Stockpiles Rise, Fuel Inventories Fall

“The Cushing situation is getting worrisome,” said John Kilduff, partner at Again Capital LLC. “That's supportive of the contract.”

Stephanie Kelly, Reuters

U.S. crude stockpiles rose sharply, while gasoline and distillate inventories fell last week, the Energy Information Administration (EIA) said on Feb. 24.

Crude inventories rose by 4.5 million barrels in the week to Feb. 18 to 416 million barrels, the EIA said, much more than analysts’ expectations in a Reuters poll for a 400,000-barrel build.

Crude stocks at the Cushing, Oklahoma, storage hub and delivery point for U.S. crude futures fell by 2 million barrels to 23.8 million barrels in the week, their lowest level since September 2018.

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