US Crude Stockpiles Rise Causing Oil Prices to Ease from Multiyear Highs

“A lot of the crude build seems to have gone to increased inputs into refineries,” said Bob Yawger, director of energy futures at Mizuho, following an EIA report on U.S. crude oil and gasoline inventories.

Reuters

U.S. crude oil and gasoline inventories rose last week as production rebounded as more offshore oil facilities returned from last month’s storm-related shut-ins, the Energy Information Administration (EIA) said on Oct. 6.

Crude inventories rose by 2.3 million barrels in the week to Oct. 1 to 420.9 million barrels, compared with analysts’ expectations in a Reuters poll for a 418,000-barrel drop.

Output was also higher, rising 200,000 bbl/d to 11.3 million bbl/d in the most recent week. That is not far from pandemic-era highs for U.S. crude production, even though weekly figures are considered less reliable than lagging monthly data.

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