Crude oil inventories in the United States increased by 8.5 million barrels during the week ending February 6, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 428.8 million barrels according to government data, which is still 3% below the five-year average for this time of year.

The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories rose by 13.4 million barrels.

Crude prices were trading up on Wednesday morning. At 10:40 a.m. in New York, Brent was trading at $69.94 per barrel—up $1.14 (+1.66%) on the day. This is up more than $2 per barrel drop week over week. WTI was also trading up, by $1.09 per barrel (+1.70%) in morning trade at $65.05 per barrel.

For total motor gasoline, the EIA reported that inventories had increased by 1.2 million barrels after gaining 700,000 barrels in the week prior. The most recent figures showed average daily gasoline production increased to 9.1 million barrels. For middle distillates, inventories decreased by  2.7 million barrels with production increasing by 45,000 barrels daily to an average of 4.9 million barrels daily.

Total products supplied—a proxy for U.S. oil demand—stayed at 20.8 million barrels per day over the last four weeks, up 2.4% compared to the same period last year. Gasoline demand averaged 8.3 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 4.1 million barrels—down 3.2 percent year over year.

By Julianne Geiger for Oilprice.com

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