EIA: US crude oil stocks rebound sharply after two weeks

According to the Weekly Petroleum Status Report published by the U.S. Energy Information Administration (EIA) on December 9, commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) surged by 15.2 million barrels to 503.2 million barrels for the week ending December 4.

This marked the first build-up in the US oil inventories after two consecutive weeks of falls.



The US crude oil inventories are about 11% above the five year average for this time of year, data showed. The figure was standing at 7% in the previous week.



The ratio of net stocks (held at refineries and tank farms) and working storage capacities were up by 2% from the previous week at 56% for the week ending December 4.



The stock build was mostly realized in West Coast, where inventories increased by 7% from the previous week at 54%. It was followed by Gulf Coast and Rock Mountain with smaller increases of 3% and 1%, respectively.

Inventories at East Coast and Midwest hubs were unchanged on a weekly basis, while stock levels at Cushing, Oklahoma were 2% lower at 74% for the week ending December 4.