Energy Preview: EIA data shows sustained increase in crude oil inventories

Crude oil inventories in the United States saw a massive increase of 4.4 million barrels during the week ending August 14, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 428.8 million barrels, according to government data, which is now right about at the five-year average for this time of year. The EIA?s data release follows API?s figures that were released a day earlier, which reported that crude oil inventories had fallen by 328,000 barrels in the period. For total motor gasoline, the EIA reported that inventories climbed 700,000 barrels, after falling by 1.0 million barrels in the week prior. The most recent figures showed that average daily gasoline production increased to 9.7 million barrels.

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