Oil Futures Spike to $53.70 on Crude Oil Inventory Buildup of 6.5 Million Barrels

Crude oil futures spiked above yesterday’s high of $53.56 this morning, hitting a high of $53.70 as weekly petroleum data showed an increase in crude oil inventories of 6.5 million barrels for the week ending January 27, 2017.
“At 494.8 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year.”
Additionally, the U.S. Energy Information Administration stated in their report that commercial petroleum inventories also rose last week by 5.3 million barrels.

Key highlights from the report:

-Crude oil refinery inputs averaged over 15.9 million barrels per day.
-Refineries operated at 88.2% of their operable capacity.
-Gasoline production averaged 9.1 million barrels per day.
-Distillate fuel production averaged 4.7 million barrels per day.

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