U.S. crude oil stockpiles rose unexpectedly last week, according to data from the Energy Information Administration (EIA), driven by a surge in imports. Meanwhile, both gasoline and distillate inventories fell more than anticipated.
Crude inventories increased by 244,000 barrels to a total of 443.1 million barrels for the week ending April 18, contrary to expectations of a 770,000-barrel draw from analysts in a Reuters poll. The rise in crude stockpiles was largely due to a significant jump in U.S. crude imports, which soared by 1.14 million barrels per day, bringing the total to 2 million bpd. This marks the largest weekly import increase since November 2024, indicating a shift in market trends.
At the same time, both gasoline and distillate inventories declined more than expected, adding further complexity to the supply-demand balance in the energy market.
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