US crude oil inventories up by 0.8% for week ending Feb. 28

US commercial crude oil inventories increased by 0.8% during the week ending Feb. 28, according to data released by the Energy Information Administration (EIA) late Wednesday.

Inventories rose by around 3.6 million barrels to 433.8 million barrels, against the market prediction of 600,000 barrels increase.

Strategic petroleum reserves, which are excluded from commercial crude stocks, remained unchanged at 395.3 million barrels, the data revealed.

Over the same period, gasoline inventories decreased by around 1.4 million barrels to 246.8 million barrels.

– Crude production slightly rises

EIA data showed that US crude oil production increased by 6,000 barrels per day (bpd) to about 13.51 million bpd during the week ending Feb. 28.

US crude oil imports decreased by 106,000 bpd to approximately 5.81 million bpd, while exports fell by 52,000 bpd to around 4.14 million bpd over the same period.

In the Short-Term Energy Outlook (STEO) released on Feb. 11, the EIA predicted that crude oil output in the country would reach an average of 13.6 million bpd in 2025.

• EIA
• Short-Term Energy Outlook (STEO)