Combined domestic crude, gasoline, and middle-distillate inventories (excluding jet fuel), as reported by the US EIA, surged by 5.351 MM bbl over the week ending Feb. 7 to 844.739MM bbl. Crude oil stocks jumped by 7.459MM bbl over the week but are 8.332MM bbl lower on the year. A Reuters poll of 10 analysts showed average forecasts for a smaller week-on-week crude stockbuild of 3.08MM bbl. A 443K-b/d decrease in crude exports over the week, a 363K-b/d rise in crude imports, and a 100K-b/d increase in domestic crude production contributed to the stockbuild, but refinery crude inputs rose by 48K b/d for the second week in a row. Meanwhile, crude stocks held at the NYMEX WTI delivery site of Cushing, Oklahoma, expanded by 1.668MM bbl to an eight-week high of 38.376MM bbl. The stockpile at the pipeline hub is 3.233MM bbl lower on the year.
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