U.S. crude oil and gasoline inventories soared to record highs last week as refineries cut output and gasoline demand softened, the Energy Information Administration (EIA) said Feb. 15.Crude inventories rose 9.5 million barrels (MMbbl) in the week ended Feb. 10, nearly three times more than analysts’ expectations, boosting stocks—not including the U.S. Strategic Petroleum Reserve—to an all-time record at 518 MMbbl.Crude stocks at the Cushing, Okla., delivery hub for U.S. crude futures fell by 702,000 bbl and U.S. crude imports by 1.34 MMbbl/d, the EIA said.
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