EIA: US Crude Oil Stocks Jump 8 Million Barrels Last Week

U.S. crude oil stockpiles rose by their most in a week since March 2017, driven in part by a build at the Cushing, Okla., hub and a drop in exports, the Energy Information Administration (EIA) said Oct. 3.

Crude inventories jumped by 8 million barrels in the week to Sept. 28, four times analysts’ expectations.

The surprise surge offsets what has been a steady drawdown in U.S. crude inventories in recent months. Before this week, stocks were at their lowest since February of 2015. They now stand at 404 million barrels, not including the U.S. strategic reserve.