U.S. crude oil inventories posted a moderate decline last week amid record production, while refineries continued running near full capacity, according to data released Thursday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 391,000 barrels to 424.1 million barrels in the week ended Sept. 4 and were in line with the five-year average for the time of year, the EIA said. Crude stocks were expected to have fallen by 1.4 million barrels, according to a Wall Street Journal survey of analysts.

Releases from the SPR totaled 1.2 million barrels, leaving the reserve with 285.4 million barrels. Oil stocks at Cushing, Okla., the Nymex delivery hub, were down by 684,000 barrels at 21.8 million barrels.

The EIA estimated U.S. crude oil production at a record 13.9 million barrels a day, up by 85,000 barrels a day from the previous week. Crude oil imports rose 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.

Refinery capacity use slipped to 97.8% from 98% the week before, although crude input to refineries increased by 91,000 barrels a day to 17.6 million barrels a day. Refinery runs were forecast to have fallen by 0.8 of a percentage point in the Journal survey.

Gasoline inventories were up by 1.3 million barrels at 206.9 million barrels, and were 5% below the five-year average, the EIA said. Gasoline demand fell by 372,000 barrels a day to 8.6 million barrels a day. Gasoline stocks were expected to have fallen by 1.4 million barrels.

Distillate fuel stocks increased by 2.1 million barrels to 106.3 million barrels and were 13% below the five-year average. Distillate inventories were forecast to have fallen by 400,000 barrels.

 
Change in U.S. oil inventories for the week ended Sept. 4: 
 
                   Crude       Gasoline      Distillates        Refinery Use 
EIA data:          -0.4           1.3            2.1                -0.2 
Forecast:          -1.4          -1.4           -0.4                -0.8 
 

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.