Crude oil inventories skyrocket

The nation’s crude oil stockpiles took a big jump last week with the addition of 13.8 million barrels of oil in storage, according to the Energy Department.

That represents a 2.8 percent increase in commercial crude stocks in just one week, adding to the ongoing glut of oil as U.S. production has increased in recent months, driven by activity in West Texas’ Permian Basin. Domestic oil supplies have risen for three straight weeks now. The growing stocks also included oil imports increasing by more than 1 million barrels from the week prior.

The big surge in crude stocks was offset only partially by other declining supplies. Gasoline stockpiles fell by 900,000 barrels and jet fuel dipped by 1.9 million barrels. Growing exports of liquid petroleum gases sent propane and propylene supplies down by 6.9 million barrels.