US crude stocks grow for eighth consecutive week

Front-month ICE Brent crude futures gained $0.23/bbls in the first 25 minutes after official weekly figures from the US Energy Information Administration (EIA) were released this afternoon.

PHOTO: A storage facility for oil prior to being transported for refining and distribution for energy consumption throughout the United States. Getty Images

Commercial US crude inventories grew by massive 16.28 million bbls on the week, to 471.40 million bbls on 10 February - the highest level since June 2021, according to the EIA.

The stock build was greater than 10.5 million bbl-build estimated by the American Petroleum Institute (API) yesterday.

US refinery utilisation declined by 1.40 percentage points to 86.5%.

Gasoline stocks gained for a sixth consecutive week amid weaker demand.

By Nithin Chandran

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