New York (awp/afp) – US commercial crude oil stocks jumped last week after an almost equivalent decline the week before, according to data released Wednesday by the US Energy Information Administration (EIA). ).
During the seven-day period ending April 26, these reserves increased by 7.3 million barrels while the median analyst forecast was for an increase of only 2.5 million barrels.
Crude reserves amount to 460.9 million barrels and are 3% below the average of the last five years at this time, specifies the EIA press release.
This increase in stocks is explained in particular by a sharp drop in exports, which fell to 3.9 million barrels per day compared to 5.1 million the week before.
Imports increased slightly (+274,000 barrels per day at 6.7 mb/d).
Furthermore, the pace of refinery activity slowed to 87.5% compared to 88.5% the week before, which increases the quantity of crude waiting to be processed.
Gasoline reserves, for their part, increased very slightly by 300,000 barrels, when analysts expected a small decline of 1.02 million barrels.
US crude production remained near its record at 13.1 million barrels per day.
Demand for refined products delivered to the U.S. market remained stable over a four-week average at 19.6 million barrels.
Also note the strengthening of American strategic reserves (SPR), which increased by 600,000 barrels and now amount to 366.3 million barrels.
Crude prices, already falling before the publication of these figures, increased their loss given the abundance of these stocks.
The price of a barrel of Brent from the North Sea for delivery in July, which is the first day of use as a reference contract, lost 1.84% to 84.74 dollars.
Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery in June, fell 1.87% to $80.40.
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