EIA: US crude oil stocks surprisingly up after five weeks
This marked the first weekly increase in oil stocks after five straight weeks of decrease.
US crude oil inventories are about 9% above the five year average for this time of year. The figure was 1% higher from the previous week.
Despite the weekly increase, the ratio of net stocks (held at refineries and tank farms) to working storage capacities was unchanged from the previous week at 53% for the week ending January 15.
Oil inventories at six main storages followed divergent paths. To illustrate, stock levels at the Cushing, Oklahoma decreased by 7% while East Coast hub saw a 6% increase in oil stocks.
Stock levels at Gulf Coast and West Coast storages were up by 1% from the previous week, the EIA revealed. In the meantime, Midwest oil hub witnessed a 1% drop in stocks while Gulf Coast witnessed no change in stock levels.
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