Strategic Petroleum Reserve draws 3.1 million barrels to 286.6 million
The U.S. Energy Information Administration said Wednesday that commercial crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 4.5 million barrels in the week ended August 28. The decline was far larger than the 300,000-barrel draw analysts had forecast in a Wall Street Journal survey.
Commercial crude stocks stood at 424.5 million barrels after the draw and remained about 1% above the five-year average for this time of year, according to the EIA’s weekly petroleum status report.
Refinery capacity utilization rose to 98% from 97.4% the prior week, the EIA said. Crude input to refineries climbed by 102,000 barrels a day to 17.5 million barrels a day. Analysts in the Journal survey had forecast refinery runs to fall by 0.3 of a percentage point.
U.S. crude oil production rose by 19,000 barrels a day to 13.86 million barrels a day. Crude imports increased by 612,000 barrels a day to 6.8 million barrels a day, while exports climbed by 691,000 barrels a day to 4.5 million barrels a day.
Oil stored in the Strategic Petroleum Reserve fell by 3.1 million barrels to 286.6 million barrels. Stocks at Cushing, Oklahoma, the Nymex delivery hub for crude futures, edged up by 80,000 barrels to 22.5 million barrels.
Gasoline inventories declined by 1.2 million barrels to 205.7 million barrels, about 6% below the five-year average. Gasoline demand fell by 121,000 barrels a day to 8.9 million barrels a day. The Journal survey had forecast gasoline stocks to decline by 1.7 million barrels.
Distillate fuel stocks rose by 796,000 barrels to 104.2 million barrels and remained 14% below the five-year average for the time of year. Distillate inventories had been forecast to fall by 1.9 million barrels.