By According to the Energy Information Administration (EIA), the U.S. commercial crude inventories experienced an unexpected increase of 4 million barrels for the week ending on September 8th. This contradicted the forecasted decrease of 1 million barrels, as indicated by a survey conducted by S&P Global Commodity Insights.
Gasoline and Distillate Supply
The EIA report further revealed a significant rise in gasoline and distillate supplies. Gasoline stocks saw a substantial increase of 5.6 million barrels, while distillates experienced a rise of 3.9 million barrels. Analysts had initially anticipated a decline of 1.4 million barrels for gasoline, and distillate supplies were expected to remain flat for the week.
Impact on Cushing, Okla.
The EIA noted that crude oil stocks at the Cushing, Okla., Nymex delivery hub decreased by 2.4 million barrels during this period.
Oil Futures Market
Despite these surprising inventory numbers, the oil futures market remained relatively stable. October West Texas Intermediate crude (CLV23) witnessed a minimal increase of 4 cents, or nearly 0.1%, reaching $88.88 per barrel on the New York Mercantile Exchange. Prior to the release of the supply data, prices had traded at $88.78.
In summary, the EIA’s latest report revealed an unexpected increase in U.S. commercial crude inventories for the specified week. Gasoline and distillate supplies also experienced significant rises, contrary to initial forecasts. Although these figures had an impact on stocks at the Cushing, Okla. delivery hub, oil futures remained relatively stable.
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