Unexpected Increase in US Crude Oil Inventories

In a surprising turn of events, the United States has seen a significant rise in its crude oil inventories. According to the latest data released by the American Petroleum Institute (API), there was an increase of 9.043 million barrels in the week ending February 7.

Shifts in Distillate and Gasoline Supplies

While the crude oil inventories saw an uptick, the scenario was different for distillate and gasoline supplies. Distillate inventories experienced a decline of 590,000 barrels, and gasoline supplies decreased by 2.507 million barrels during the same period.

Rise in Cushing, Oklahoma Reserves

Adding to the dynamics of the US oil market, reserves in Cushing, Oklahoma, reportedly increased by 407,000 barrels. This change contributes to the overall landscape of the nation's oil inventory and its implications on the market.