Weekly build defies analyst forecast of 1.6 million barrel decline
U.S. commercial crude oil inventories rose by 4.4 million barrels to 428.8 million barrels in the week ended Aug. 14, the third consecutive weekly build, according to data the U.S. Energy Information Administration released Wednesday. The increase defied analyst expectations of a 1.6 million barrel decline, according to a Wall Street Journal survey of analysts. Commercial crude stocks, excluding the Strategic Petroleum Reserve, stood in line with the five-year average for the week, the EIA said.
U.S. crude oil production averaged 13.8 million barrels a day, up 25,000 barrels a day from the previous week. Crude oil imports fell by 746,000 barrels a day to 6.6 million barrels a day, while exports rose by 1 million barrels a day to 4.1 million barrels a day.
The Department of Energy released 5.3 million barrels from the Strategic Petroleum Reserve during the week, bringing the reserve down to 293.4 million barrels. Oil stocks at Cushing, Okla., the Nymex delivery hub, fell by 1.3 million barrels to 21.3 million barrels.
Refinery capacity use rose by one percentage point to 97.2%, with crude input to refineries up by 215,000 barrels a day at 17.4 million barrels a day. Analysts surveyed by The Wall Street Journal had expected refinery runs to fall by 0.3 of a percentage point.
Gasoline inventories increased by 688,000 barrels to 209.4 million barrels, versus expectations of a 1.5 million barrel withdrawal, and stood 5% below the five-year average. Gasoline demand fell by 276,000 barrels a day to 8.7 million barrels a day.
Distillate fuel stocks fell by 1.5 million barrels to 105.6 million barrels, 13% below the five-year average for the time of year, the EIA said. Distillate inventories were forecast to have fallen by 300,000 barrels.