EIA Data Show US Oil Stocks Rebound Sharply

US crude oil inventories recorded a sharp and unexpected build in the week ending February 6, according to the latest data released by the Energy Information Administration (EIA). Crude stockpiles increased by 8.5 million barrels, reversing the previous week’s 3.5 million-barrel draw. Market expectations had anticipated a slight decline of around 0.2 million barrels.

Despite the significant weekly rise, total US crude inventories stood at 428.8 million barrels, approximately 3% below the five-year seasonal average.

In refined products, gasoline inventories rose by 1.2 million barrels and are currently about 4% above the five-year average for this time of year. Meanwhile, distillate stocks — including diesel and heating oil — fell by 2.7 million barrels and remain around 4% below their seasonal norm, indicating relatively tighter supply conditions in the distillates segment.

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