U.S. Oil Inventories Surprise Up 10.2 Million Barrels Over The Week
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In the week of December 2-9, U.S. oil inventories rose by 10.2 million barrels to 424.1 million barrels, Reuters reported, citing the Energy Information Administration (EIA). Analysts had previously expected oil inventories to fall by 3.6 million barrels over this period.
During the same period, gasoline stocks increased by 4.5 million barrels to 223.58 million barrels, distillate stocks – by 1.4 million barrels to 120.17 million barrels.
According to Reuters, according to analysts, over this period, oil inventories should have been reduced by 3.6 million barrels, gasoline increased by 2.7 million barrels, distillers – by 2.5 million barrels.
December 6 EIA downgraded Brent oil price forecast in 2022 from $102.13 to $101.48 per barrel. The EIA also raised its forecast for daily oil production in 2022 by 40,000 barrels to 11.87 million bpd.
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