U.S. commercial crude oil inventories rose last week in a third consecutive build, according to data released Wednesday by the U.S. Energy Information Administration.
Commercial crude oil stocks excluding the Strategic Petroleum Reserve were up by 4.4 million barrels at 428.8 million barrels in the week ended Aug. 14, and were in line with the five-year average for the week, the EIA said. Crude stocks were expected to have fallen by 1.6 million barrels, according to a Wall Street Journal survey of analysts.
The Department of Energy released 5.3 million barrels from the SPR, bringing the reserve down to 293.4 million barrels. Oil stocks at Cushing, Okla., the Nymex delivery hub, fell by 1.3 million barrels to 21.3 million barrels.
U.S. crude oil production averaged 13.8 million barrels a day and was up by 25,000 barrels a day from the week before, the EIA said. Crude oil imports fell by 746,000 barrels a day to 6.6 million barrels a day while exports increased by 1 million barrels a day to 4.1 million barrels a day.
Refinery capacity use rose by one percentage point to 97.2%, with crude input to refineries up by 215,000 barrels a day at 17.4 million barrels a day. Refinery runs were forecast to have fallen by 0.3 of a percentage point in the Journal survey.
Gasoline inventories increased by 688,000 barrels to 209.4 million barrels versus expectations of a 1.5 million barrel withdrawal, and were 5% below the five-year average. Gasoline demand was down by 276,000 barrels a day at 8.7 million barrels a day.
Distillate fuel stocks fell by 1.5 million barrels to 105.6 million barrels and were 13% below the five-year average for the time of year, the EIA said. Distillate inventories were forecast to have fallen by 300,000 barrels.
Change in U.S. oil inventories for the week ended Aug. 14:
Crude Gasoline Distillates Refinery Use
EIA data: 4.4 0.7 -1.5 1.0
Forecast: -1.6 -1.5 -0.3 -0.3
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.