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U.S. Crude Oil Stocks Rise, Fuel Inventories Fall, Total Exports Hit Record High
On April 23, the U.S. Energy Information Administration (EIA) reported on Wednesday that U.S. crude oil inventories increased last week, while gasoline and distillate inventories declined. Due to supply disruptions caused by the war in Iran, total U.S. exports reached a record level. The EIA stated that for the week ending April 17, crude oil inventories rose by 1.9 million barrels to 465.7 million barrels, contrary to expectations of a decrease of 1.2 million barrels. The crude oil inventory at the delivery hub in Cushing, Oklahoma, increased by 806,000 barrels. Despite the unexpected inventory increase, oil prices still rose.