The Energy Information Administration (EIA) disclosed in a report published on Wednesday that there has been an unforeseen rally in U.S. crude oil stockpiles for the week concluding on April 26th.
The report disclosed that crude oil stockpiles surged by 7.3 million barrels the previous week, following a decrease of 6.4 million barrels in the week before. The market had anticipated a decrease in crude oil stockpiles by 2.3 million barrels.
The EIA noted that the current crude oil stockpiles, amounting to 460.9 million barrels, are approximately 3 percent less than the five-year average for this period.
The EIA report also revealed that gasoline reserves marginally increased by 0.3 million barrels from the previous week, although it is still nearly 3 percent less than the average five-year for this time period.
On the contrary, the report indicated that distillate fuel inventories, encompassing heating oil and diesel, have dropped by 0.7 million barrels in the last week and are about 7 percent below the five-year seasonal average.
