Sluggish demand and rising output to profit from strong oil prices lifted US inventory significantly last week. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -2.8 mmb to 1282 mmb in the week ended February 26. Crude oil inventory jumped remarkably, by +21.6 mmb (consensus: -0.93 mmb,) to 484.6 mmb. This marks the biggest weekly increase on record. Stockpile increased in 4 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw stock-build of 20.8 mmb. Cushing stock gained +0.49 mmb to 48.3 mmb. Utilization rate declined -14.5 percentage point to 68.6% while crude production gained +0.3M bpd to 10M bpd for the week. Crude oil imports jumped +1.69M bpd to 6.29M bpd in the week.

source_https://www.actionforex.com/