Imports rise, exports drop as crude production falls to 13.8 million barrels a day
The Energy Information Administration’s weekly petroleum status report showed commercial crude stocks, excluding the Strategic Petroleum Reserve, rose to 411.7 million barrels, about 6% below the five-year average for this time of year. Analysts surveyed by The Wall Street Journal had forecast a 1 million barrel decline in inventories.
The build was driven primarily by shifting trade flows. Crude oil imports climbed by 117,000 barrels a day to 5.8 million barrels a day, while exports dropped by 368,000 barrels a day to 3.4 million barrels a day. The net increase in crude arriving from overseas, combined with fewer barrels leaving the country, added to the volume accumulating in domestic storage.
U.S. crude oil production fell by 63,000 barrels a day to an estimated 13.8 million barrels a day, the EIA said.
The Department of Energy released 5.1 million barrels from the Strategic Petroleum Reserve during the week, leaving the reserve holding 311.4 million barrels. Oil stocks at Cushing, Oklahoma, the Nymex delivery hub, declined by 674,000 barrels to 19.4 million barrels.
Refinery capacity utilization edged down to 96.1% from 96.2% the prior week, with crude input to refineries decreasing by 58,000 barrels a day to 17.1 million barrels a day.
On the products side, gasoline inventories rose by 765,000 barrels to 211.3 million barrels, contrary to expectations of a 1.1 million barrel decline. Gasoline demand increased by 103,000 barrels a day to 8.9 million barrels a day. Stocks were 7% below the five-year average.
Distillate fuel stocks grew by 1.4 million barrels to 109.6 million barrels, far exceeding the 100,000 barrel build analysts had anticipated. Distillate stocks stood 10% below the five-year average for this time of year.