U.S. crude stocks rose unexpectedly in the most recent week as production reached its highest level since before the outset of the coronavirus pandemic, the Energy Information Administration said on Wednesday.
The Biden administration plans to release 1 million barrels of oil every day for the next six months to quell price increases in the wake of Russia’s invasion of Ukraine. U.S. production also rose, hitting 11.8 million barrels per day, the highest since December 2021. The question is whether these releases – and rising output – will ultimately help refiners rebuild sinking products inventories, where markets are tightening due to heavy demand and a supply shortage in Europe, which depends on Russian imports.
“Products in general are showing demand destruction in the wake of high prices,” said John Kilduff, partner at Again Capital LLC in New York. The four-week moving average for product supplied – a rough proxy for consumer demand – dipped in the most recent week and has been falling since early February.
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