Key Insights
- Gasoline inventories missed analyst expectations.
- Domestic oil production increased from 13.0 million bpd to 13.3 million bpd.
- Strategic Petroleum Reserve grew from 357.4 million barrels to 358 million barrels.
On February 7, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories increased by 5.5 million barrels from the previous week, compared to analyst consensus of +1.9 million barrels. At current levels, crude inventories are about 4% below the five-year average for this time of the year.
Total motor gasoline inventories declined by 3.1 million barrels, while analysts expected that they would increase by 0.14 million barrels. Distillate fuel inventories decreased by 3.2 million barrels.
Crude oil imports increased by 1.3 million bpd from the previous week, averaging 6.9 million…
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