In its latest report, the US Energy Information Administration (EIA) revealed a substantial increase in crude oil stockpiles in the United States. According to the data for the week ending April 26, crude inventories surged by 7.3 million barrels, reaching a total of 460.9 million barrels.
The report also highlighted a decline in crude oil refinery inputs, which averaged 15.6 million barrels per day, representing a decrease of 230,000 barrels per day from the previous week's average. Despite this, gasoline production saw an uptick, reaching an average of 9.4 million barrels per day.
Additionally, imports of crude oil into the US rose to an average of 6.8 million barrels per day, indicating a 274,000 barrels per day increase compared to the previous week. Overall, total commercial petroleum inventories experienced a significant uptick, rising by 7.9 million barrels.
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