U.S. crude oil inventories rose unexpectedly last week as imports increased and exports fell, according to data released Wednesday by the U.S. Energy Information Administration.
Commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 17.4 million barrels to 424.4 million barrels in the week ended Aug. 7 and were about 2% below the five-year average for the time of year, the EIA said. Crude stocks were expected to have fallen by 600,000 barrels, according to a Wall Street Journal survey of analysts.
Oil stored in the SPR was down by 6.1 million barrels at 298.7 million barrels, its lowest level in more than four decades as the Department of Energy continued emergency releases. Oil stocks at Cushing, Okla., the Nymex delivery hub, were up by 1.6 million barrels at 22.6 million barrels.
Crude oil imports increased by 1.1 million barrels a day to 7.3 million barrels a day, while exports fell by 627,000 barrels a day to 3.1 million barrels a day. U.S. crude oil production was steady at 13.8 million barrels a day.
Refineries ran at 96.2% of capacity, down from 96.5% the week before, with crude input to refineries up by 26,000 barrels a day at 17.2 million barrels a day. Refinery capacity use was expected to have fallen by 0.2 of a percentage point in the Journal survey.
Gasoline inventories were down by 1 million barrels at 208.7 million barrels, and were 6% below the five-year average, the EIA said. Gasoline demand fell by 67,000 barrels a day to 9 million barrels a day. Gasoline stocks were expected to have fallen by 1.3 million barrels.
Distillate fuel stocks slipped by 10,000 barrels to 107.1 million barrels compared with expectations of a 1.6 million barrel drop, and were 12% below the five-year average for the time of year.
Change in U.S. oil inventories for the week ended Aug. 7:
Crude Gasoline Distillates Refinery Use
EIA data: 17.4 -1.0 0.0 -0.3
Forecast: -0.6 -1.3 -1.6 -0.2
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.