EIA: US Crude Stockpiles Surge To Highest Level This Year

U.S. crude oil stocks rose sharply last week, bringing overall supply to its highest level since December, and gasoline inventories also rose, the Energy Information Administration (EIA) said May 2.

Crude inventories jumped by 6.2 million barrels (bbl) to about 436 million bbl in the week to April 27, compared with expectations for an increase of 739,000 bbl. The build was largely concentrated on the West Coast, where inventories rose by nearly 5 million bbl.

“Sometimes the West Coast numbers are erratic and usually when you get a big build in the West Coast, it’s followed with a big draw the next week,” said Phil Flynn, analyst at Price Futures Group in Chicago.