Commercial crude draw trails Wall Street Journal survey forecast
The U.S. Energy Information Administration estimated that U.S. crude oil production reached a record 13.9 million barrels a day in the week ended Sept. 4, up 85,000 barrels a day from the previous week. The agency’s data, released Thursday, also showed crude imports rising by 53,000 barrels a day to 6.8 million barrels a day while exports dropped by 1.1 million barrels a day to 3.4 million barrels a day.
Commercial crude oil inventories, which exclude the Strategic Petroleum Reserve, fell by 391,000 barrels to 424.1 million barrels. The draw was smaller than the 1.4 million-barrel decline forecast by analysts surveyed by the Wall Street Journal. The EIA said commercial stocks were in line with the five-year average for the time of year.
The EIA reported that releases from the Strategic Petroleum Reserve totaled 1.2 million barrels, leaving the reserve with 285.4 million barrels. At Cushing, Oklahoma, the Nymex delivery hub, stocks declined by 684,000 barrels to 21.8 million barrels.
Refinery capacity use slipped to 97.8% from 98% the week before, although crude inputs to refineries rose by 91,000 barrels a day to 17.6 million barrels a day. Analysts in the Wall Street Journal survey had forecast refinery runs would fall by 0.8 of a percentage point.
Gasoline inventories rose by 1.3 million barrels to 206.9 million barrels despite a forecast decline of 1.4 million barrels. The EIA said gasoline stocks were 5% below the five-year average. Gasoline demand fell by 372,000 barrels a day to 8.6 million barrels a day.
Distillate fuel stocks increased by 2.1 million barrels to 106.3 million barrels, compared with a forecast decline of 400,000 barrels. Distillate inventories were 13% below the five-year average.
Anthony Harrup reported the figures for Dow Jones Newswires and The Wall Street Journal from Mexico City. Harrup covers energy markets, the economy, central banks and corporate news.