U.S. crude stocks rose less than expected while fuel inventories continued to decline in a tightly supplied market, Energy Information Administration data showed on Wednesday.
Fuel stocks were down, as the United States keeps exporting products like diesel. Distillate stockpiles, which include diesel and heating oil, fell by 1.4 million barrels in the week to 107.3 million barrels, driving those stocks to their lowest level since May of 2008. “I’m not surprised that diesel inventories continued to decline as Gulf Coast refiners are supplying not only South America but now European consumers, as those consumers turn away from Russia supply,” said Andrew Lipow of Lipow Oil Associates in Houston. “It’s going to continue over the next several weeks and months.”
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.3 million barrels in the last week, EIA said.
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