The U.S. boosted oil inventories at a record pace in the last week of February, increasing production to 10 million barrels per day.
United States commercial inventories increased by 21.6 million barrels in the last week of February, reaching 484.6 million barrels. This is a record amount since mid-January. Moreover, such a restocking is considered to be the fastest in the history of observations.
Strategic oil reserves remained at the same level of 637.8 million barrels. Stocks at the Cushing terminal rose to 48.3 million barrels during the reporting period. Gasoline was down 13.6 million barrels, nearly six times the forecasters’ forecast. Distillate stocks decreased by 9.7 million barrels. Forecasters predicted a decrease by 3 million barrels.
During the last week of February, oil production rose to 10 million bpd. Last week’s reading was the lowest since August 2020. The U.S. produced an average of 11.31 million barrels per day in 2020. In January, the figure was 11.01 million barrels per day.