US oil stocks rose for the fourth consecutive week ended on October 16th. According to the Energy Information Agency, stocks increased by 7.6 million barrels, to 468.56 million barrels. The rise is higher than expected by analysts who forecasted an increase of 2.8 million barrels. During the week of October 19, stocks experienced the same behavior.
US oil imports grew last week by 247,000 barrels per day, according to EIA.
“As expected, the crude numbers were larger than thought due to the refinery maintenance season,” Tariq Zahir, fund manager at Tyche Capital Advisors, pointed out.
Refinery utilization rate fell by 1.5 percentage points, to 86 percent of capacity.
On the other hand, gasoline stocks mover lower by 2.6 million barrels, compared with market expectations for a 1.7 million barrels drop, while distillates stocks, including diesel and heating oil, were reduced by 1.5 million barrels, in contrast to a 600,000 barrels drop expected by the market.
Post by: Francisco Neri Bonilla