U.S. commercial crude oil inventories rose last week as imports increased and refineries ran at a lower rate, according to data released Wednesday by the U.S. Energy Information Administration.
Commercial crude oil stocks excluding the Strategic Petroleum Reserve were up by 2.5 million barrels at 407 million barrels in the week ended July 31 and were about 6% below the five-year average for the time of year, the EIA said. Crude stocks were expected to have fallen by 1.2 million barrels, according to a Wall Street Journal survey of analysts.
The Department of Energy released 2.8 million barrels of oil from the SPR, leaving the reserve with 304.8 million barrels. Oil stocks at Cushing, Okla., the Nymex delivery hub, rose by 2.4 million barrels to 21 million barrels.
U.S. crude oil production was little changed at 13.8 million barrels a day. Crude imports increased by 515,000 barrels a day to 6.2 million barrels a day, and exports were up by 218,000 barrels a day at 3.7 million barrels a day.
Refineries ran at 96.5% of capacity, down from 97.2% the previous week, with crude input to refineries falling by 183,000 barrels a day to 17.2 million barrels a day. Refinery runs were forecast to have fallen by half of a percentage point in the Journal survey.
Gasoline inventories fell by 1.6 million barrels to 209.7 million barrels and were 7% below the five-year average, the EIA said. Gasoline demand was little changed at 9 million barrels a day. Gasoline stocks were expected to be down by 1.1 million barrels.
Distillate fuel stocks fell by 3.5 million barrels to 107.2 million barrels versus expectations of a 400,000 barrel increase, and were 12% below the five-year average for the time of year.
Change in U.S. oil inventories for the week ended July 31:
Crude Gasoline Distillates Refinery Use
EIA data: 2.5 -1.6 -3.5 -0.7
Forecast: -1.2 -1.1 0.4 -0.5
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.