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The federal government's EIA report revealed that crude inventories rose by 3.1 million barrels, compared to the 1.3 million barrels increase that energy analysts had expected.
Commercial crude oil stock pile. The Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE). It is the largest publicly known emergency supply in the world; its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m 3). [1]
Graph of weekly Cushing Stocks excluding SPR of Crude Oil from 2004 to 2018. The city of Cushing in Oklahoma is a central hub within the United States and worldwide oil industry. It connects major pipelines within the United States and is the location where the oil futures contracts end up being delivered.
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The latest government data showed crude inventories increased by 5.5 million barrels last week, versus analysts' expectations of an increase of 1 million barrels, per Bloomberg data.
The next week, Brent crude rose 3.5% to $48.24 and WTI 4% to $45.98 as U.S. inventories continued to fall and U.S. production forecasts were cut, though oil inventories were still high, reducing gains from earlier in the week; Sanford C. Bernstein speculated OPEC nations may not have made the cuts intended.
Oil prices are on pace to log their fourth straight losing week. On Wednesday, US inventories at Cushing, Okla. — used as the benchmark in WTI oil pricing — showed stockpiles rose by 3.6 ...
U.S. crude and fuel inventories rose and oil prices fell, still finishing higher for the 5th week. [78] In the last full week of January, WTI reached $88.84, the highest in seven years, before settling at $86.82. Brent reached $91.70, highest since October 2014, before falling to $90.03. Both had the most up weeks since October. [79]