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U.S. crude oil inventories jumped last week even as refining utilization remained high, the EIA said on Wednesday in a majorly bearish report.
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.
Output in the United States edged up by 100,000 barrels per day last week to 11.1 million barrels per day - the most since the EIA started maintaining weekly data in 1983.
The federal government's EIA report revealed that crude inventories fell by 497,000 barrels for the week ending Dec 14.
This report, together with its companion, the Weekly Petroleum Status Report, [9] is a handy tool for investors. These are published every Wednesday (unless Monday is a holiday) at 10:30 AM Eastern Time (for the preliminary version) with the full report following at 1 PM Eastern.
The federal government's EIA report revealed that gasoline supplies fell after increasing for 12 straight weeks.
Proven oil reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions.
The Deepwater Horizon oil spill began on April 20, 2010 when an explosion struck the rig, it occurred in the Gulf of Mexico on the BP-operated Macondo Prospect.Killing eleven people, it is considered the largest marine oil spill in the history of the petroleum industry and sources estimated that between 134–206 million barrels of oil was released into the gulf.