⁍ U.S. crude oil stockpiles rose by 4.3 million barrels in the week to Oct. 23.
⁍ Production surged to its highest since July at 11.1 million barrels per day.
⁍ Prices were lower on the day, hit by lockdowns in Germany and France.
– US crude oil inventories rose by 4.3 million barrels in the week to Oct. 23 to 492.4 million barrels, much more than analysts’ expectations in a Reuters poll for a 1.2 million-barrel rise. Production surged to its highest since July at 11.1 million barrels per day in a record weekly build of 1.2 million bpd, the data showed. Some of that was due to offshore facilities coming back online after Hurricane Delta, but analysts worried that the surge could lead to an inventory glut. “Crude oil domestic production number is up a crazy amount. That’s not good, as it implies we will have a lot of crude oil for a long time coming out of the ground,” Robert Yawger, director of energy futures at Mizuho, tells Reuters.
Source: https://www.reuters.com/article/us-usa-oil-eia/us-crude-stocks-jump-fuel-inventories-lower-eia-idUSKBN27D288