US crude oil inventories up by 0.9% for week ending June 27

US commercial crude oil inventories increased by 0.9% during the week ending June 27, according to data released by the Energy Information Administration (EIA) late Wednesday.

Inventories rose by around 3.8 million barrels to 419 million barrels, defying market expectations of a 3.5 million-barrel draw.

Strategic petroleum reserves, which are excluded from commercial crude stocks, increased by 200,000 barrels, reaching 402.8 million barrels, the data revealed.

Over the same period, gasoline inventories rose by around 4.2 million barrels to 232.1 million.

– Crude production decreases

EIA data showed that US crude oil production fell by 2,000 barrels per day (bpd) to about 13.43 million bpd during the week ending June 27.

US crude oil imports increased by 976,000 bpd to approximately 6.9 million bpd, while exports decreased by 1.9 million bpd to around 2.3 million bpd over the same period.

In the Short-Term Energy Outlook (STEO) released on June 10, the EIA projected that crude oil output in the country would average 13.4 million bpd in 2025.

• The US Energy Information Administration (EIA)