Crude oil inventories and production was up in the U.S. for the week ending Feb.7 compared to the previous week, according to data released by the country’s Energy Information Administration (EIA) on Wednesday.
Commercial crude oil stocks increased by 7.5 million barrels, or 1.7%, to reach 442.5 million barrels last week, over double the market expectation of a rise of 3 million barrels. Crude oil inventories rose by 3.4 million barrels the week before.
Strategic petroleum reserves, which are not included in commercial crude oil stocks, remained unchanged at 635 million barrels during that period.
Gasoline inventories, on the other hand, fell slightly by 0.1 million barrels to 261 million barrels for the week ending Feb. 7 against the market expectation of an increase of 0.5 million barrels. Gasoline stocks decreased by 0.1 million barrels the week before.
Oil output back to record high
The U.S.’ oil imports increased by 363,000 barrels per day (bpd) to 6.98 million bpd during that period, while oil exports declined by 443,000 bpd to 2.97 million bpd.
Crude oil production in the U.S. increased last week by 102,000 bpd to climb back to the record high level of 13 million bpd for the week ending Feb. 7, the EIA data showed.
The U.S.’ crude oil output first reached the record high level of 13 million bpd for the week ending Jan. 10, according to the EIA data.
The country surpassed Saudi Arabia, and then Russia, in November 2018 to become the world’s biggest crude oil producer.