Investing.com - US crude stockpiles jumped more than 10 million barrels last week, their most in eight months, as exports tumbled and refineries slowed processing of oil amid maintenance while output from the world’s largest producer of the commodity hit a new record high of 13.2 million barrels per day, government data showed on Thursday.rose by 10.176 million barrels during the week to Oct. 6, the most since a weekly rise of 16.
The EIA has been estimating higher crude production for the United States in recent months, citing higher efficiency in output at US shale oil basin despite a sheer cutback in the number of oil rigs actively deployed by drillers. Crude exports hit a record high just shy of 4 million barrels per day in the first half of the year, the EIA said in a separate report on Wednesday.“It’s the combination of lower exports and lower refinery runs that led to this humongous build in crude stockpiles,” observed Kilduff.