Distillate stockpiles rise 4.6 million barrels, against forecasts
The EIA reported that oil stored in the Strategic Petroleum Reserve decreased by 3 million barrels to 316.5 million barrels, the smallest weekly withdrawal since the beginning of April. Stocks at Cushing, Okla., the delivery hub for Nymex crude futures, rose by 430,000 barrels to 20 million barrels.
U.S. crude oil production held steady near 13.9 million barrels a day. Imports edged up by 60,000 barrels a day to 5.7 million barrels a day. Crude inputs to refineries increased by 99,000 barrels a day to 17.1 million barrels a day, slightly above the 95.9% capacity use that analysts in a Wall Street Journal survey had expected.
Gasoline demand was virtually unchanged at 8.8 million barrels a day, the EIA said. Distillate fuel stocks were 11% below the five-year average for the period. Analysts had forecast a 100,000-barrel decline in distillate inventories, but stocks rose by 4.6 million barrels.