Oil Stockpiles Spike 5.65 Million Barrels: EIA

Oil Stockpiles Spike 5.65 Million Barrels: EIA

Oil stockpiles rose 5.65 million barrels for the week ending July 4, the government agency said Wednesday. Analysts followed by Investing.com had forecast a draw of 3.1 million barrels. Inventories fell 7.1 million barrels the previous week.

“The crude build of nearly 5.7 million barrels is more than a 180% reversal from the forecast draw of 3.1 million barrels. Yet, you have a near 5 million drop in gasoline stocks, a good part of which probably came from higher motor fuel processing by refiners prepping for 4th of July road travels,”…

Source: Investing

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