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A higher-than-expected build of 7.8 million barrels for the week ending on Jan. 29 pushed inventories to 502.7 million barrels.
Harold Hamm, CEO of Continental Resources, says it’s a sign that the world sees domestic light, low-sulfur oil as superior to international oil, much of which is denser and higher in sulfur.
The U.S. Energy Information Administration said domestic oil tanks last week took in an additional 4.8 million barrels of crude, boosting inventories to 490.7 million barrels. That’s the largest amount of oil the nation has had in reserve since a record-setting supply bulge in April.
Oil prices jumped after U.S. data showed the nation’s stockpile of crude shrank by 3.6 million barrels.
U.S. oil shot up shortly after the news, but inventories remain abnormally full.
The U.S. Energy Information Administration said that stocks of oil across the country rose by 7.6 million barrels in the week ending Oct. 9, bringing the total amount of oil in commercial storage to a 80-year-plus seasonal high of 468.6 million barrels.
Refineries across the United States have been paring back operations for fall maintenance season, which sends more oil into storage tanks.
U.S. benchmark oil futures had opened lower on the day but traded to a gain shortly before the report was released. After the inventory data came in, prices reversed course and fell by 98 cents or 2.16 percent to $44.43 per barrel.
Raymond James lowered its long-term natural gas price estimates Monday, putting the investment banking firm in a growing group of analysts seeing a bleaker future for the fuel.
The U.S. Energy Information Administration said that the amount of oil in U.S. tanks fell by 5.5 million barrels last week.