Refinery utilization rises to 96.2% as gasoline stocks fall
U.S. commercial crude oil inventories fell by 1.7 million barrels to 409.7 million barrels in the week ended July 10, according to data released Wednesday by the U.S. Energy Information Administration. The decline was larger than the 900,000-barrel decrease analysts had expected in a Wall Street Journal survey, and it came as crude exports rebounded from the prior week.
Commercial crude stocks excluding the Strategic Petroleum Reserve were about 6% below the five-year average for the time of year, the EIA said. MSI previously reported that inventories had fallen for a ninth consecutive week to 412.1 million barrels as of June 19.
Crude exports increased by 459,000 barrels a day to 3.7 million barrels a day. Imports edged up by 60,000 barrels a day to 5.7 million barrels a day. U.S. crude production was steady near 13.9 million barrels a day.
Refineries ran at 96.2% of capacity, up from 95.8% the previous week, with crude input rising by 99,000 barrels a day to 17.1 million barrels a day. Refinery runs were expected to edge up to 95.9%, according to the Journal survey.
Oil stored in the Strategic Petroleum Reserve fell by 3 million barrels to 316.5 million barrels, the smallest weekly withdrawal since the beginning of April. Oil stocks at Cushing, Okla., the Nymex delivery hub, rose by 430,000 barrels to 20 million barrels.
Gasoline inventories fell by 1.5 million barrels to 210.5 million barrels, and were 8% below the five-year average, the EIA said. Gasoline demand was practically unchanged at 8.8 million barrels a day. Analysts had expected gasoline stocks to be down by 300,000 barrels.
Distillate fuel stocks — which include diesel and heating oil — rose by 4.6 million barrels to 108.2 million barrels, against expectations of a 100,000-barrel decline, and were 11% below the five-year average for the time of year.
The Dow Jones Industrial Average closed at 52,508.27 on Wednesday, according to FRED data.