Refinery utilization climbs to 92.7% against survey forecast of decline
The U.S. Energy Information Administration reported on Wednesday that commercial crude oil inventories held outside the Strategic Petroleum Reserve fell by 3.2 million barrels to 424.1 million barrels during the week ended Oct. 2, 2026. The decline ran against the consensus of analysts surveyed by The Wall Street Journal, who had forecast a 1.7 million barrel build.
Commercial crude stocks stood about 1% above the five-year average for the time of year, the EIA said. The weekly petroleum status report showed product inventories moving in mixed directions.
Refineries increased utilization, running at 92.7% of capacity during the week, up from 92.5% the prior week. The Wall Street Journal analyst survey had projected a decline of one-fifth of a percentage point. Crude throughput at refineries rose by 223,000 barrels a day to 16.5 million barrels a day.
U.S. crude oil production reached an estimated 14 million barrels a day, 24,000 barrels a day above the previous week’s level, according to the EIA. Imports rose by 1.1 million barrels a day to 6.8 million barrels a day, and exports climbed by 1.2 million barrels a day to 4.8 million barrels a day.
At Cushing, Oklahoma — the Nymex crude delivery hub — commercial stocks increased by 444,000 barrels to 24.7 million barrels. Oil held in the Strategic Petroleum Reserve fell by 800,000 barrels to 283 million barrels.
Gasoline inventories rose by 382,000 barrels to 204.7 million barrels, against analyst expectations of a 1.1 million barrel decline. Gasoline stocks stood 6% below the five-year average. Gasoline demand rose by 81,000 barrels a day to 8.8 million barrels a day.
Distillate fuel stocks — primarily diesel and heating oil — slipped by 42,000 barrels to 105.1 million barrels, 12% below the five-year average for the time of year. Analysts had forecast a 1.5 million barrel decline.