News Daily Spot: Unexpected drop in US crude stocks

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Unexpected drop in US crude stocks


Crude stocks in the United States suffered a slight but unexpected drop, reported Wednesday by the Department of Energy (DoE).

AFP

In the week ended February 5, commercial stocks of crude fell by 800,000 barrels, while experts polled by Bloomberg expected an increase of 2.8 million.

In turn, the professional organization American Petroleum Institute (API) anticipated an increase of 2.4 million barrels in stock.

Still above half a million barrels, US reserves are still above record levels in over 80 years, the report said.

Gasoline inventories, meanwhile, rose 1.3 million barrels as Bloomberg analysts foresaw but below the increase of 1.7 million calculated by API.

Inventories of distillates such as diesel and heating oil also rose by 1.3 million barrels; far less than the decrease of 3.1 million expected by API and the 1.5 million expected by experts from Bloomberg.

Production eased slightly by 28,000 barrels per day and was at 9.186 million barrels per day

Reservations Cushing terminal, which are a reference for crude traded in New York rose half a million barrels to 64.7 million.

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