ND: Crude Inventories Rise Much More Than Expected
Crude oil inventories rose much more than expected in the recent week, according to data released by the Energy Department on Thursday morning. Stockpiles gained for a seventh straight week and the 14th time in 16 weeks.
Light sweet crude oil for March delivery plunged to $40.93 per barrel, down $2.62. Oil was modestly lower before the report.
U.S. commercial crude oil inventories increased 6.1 million barrels from the previous week. Experts were looking for a build of about 1.2 million barrels. At 332.7 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year.
Total motor gasoline inventories increased by 6.5 million barrels last week, and are at the upper limit of the average range. Distillate fuel inventories increased by 800,000 barrels. Propane/propylene inventories decreased last week by 3.1 million barrels.
