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U.S. crude oil inventories fell more than anticipated last week as refineries ramped up their capacity, according to data from the U.S. Energy Information Administration (EIA) released on Wednesday. Commercial crude oil stocks, excluding the Strategic Petroleum Reserve, decreased by 4.6 million barrels, bringing the total to 426 million barrels for the week ending August 16. This drop leaves crude stocks about 5% below the five-year average for this time of year.
The decline in crude inventories significantly exceeded analysts’ expectations. A survey conducted by The Wall Street Journal had projected a more modest decrease of 1.5 million barrels. The larger-than-expected drawdown suggests that demand for crude oil remains strong, driven in part by increased refinery activity.
In addition to the drop in crude oil stocks, gasoline inventories also declined, falling by 1.6 million barrels to 220.6 million barrels. Distillate fuel stocks, which include diesel and heating oil, saw a reduction of 3.3 million barrels, bringing the total to 122.8 million barrels.
The increase in refinery capacity utilization, which rose to 92.3% from 91.5% the previous week, underscores the heightened demand for refined products. This uptick in refinery activity reflects efforts to meet the demand for gasoline and distillates during the late summer driving season, a period typically marked by high fuel consumption.
The sharp drop in crude oil inventories and the concurrent rise in refinery use could influence oil prices, as they suggest a tighter supply-demand balance in the U.S. market. As refineries continue to operate at elevated levels, monitoring further inventory changes will be crucial for understanding the trajectory of energy markets.
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