Crude oil reserves in the United States saw an unexpected and considerable increase in the week ending June 7th, as per the latest release from the Energy Information Administration (EIA) on Wednesday.
The EIA reported that crude oil inventories surged by 3.7 million barrels last week, following a 1.2 million barrel rise in the previous week. This rise defied economists' expectations, who had forecasted a 1.6 million barrel decrease in crude oil inventories.
With the current level at 459.7 million barrels, U.S. crude oil inventories are approximately 4 percent below the five-year average for this period, according to the EIA.
The report also noted a substantial increase in gasoline inventories, which climbed by 2.6 million barrels last week, positioning them just slightly below the five-year average for this time of the year.
Additionally, distillate fuel inventories, encompassing heating oil and diesel, inched up by 0.9 million barrels last week but are still around 7 percent below the five-year average for this period.
