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U.S. crude oil inventories rose for the first time in four weeks, driven by lower demand, according to the U.S. Energy Information Administration (EIA). Commercial crude stocks, excluding the Strategic Petroleum Reserve, increased by 833,000 barrels to 419.1 million barrels for the week ending Sept. 6, though levels remain 4% below the five-year seasonal average.
Analysts had expected a smaller rise of 700,000 barrels, but the larger-than-anticipated build in inventories came alongside significant increases in gasoline and distillate stockpiles. Gasoline stocks jumped by 2.3 million barrels to 221.6 million barrels, while distillate stocks also rose by 2.3 million barrels, reaching 125 million barrels. Both figures exceeded analyst predictions of smaller gains.
Refineries operated at a slightly reduced capacity, running at 92.8%, compared to 93.3% the previous week. The lower refinery output, coupled with weaker demand, contributed to the buildup in both crude and fuel stocks.
This data reflects a decrease in energy consumption, which could impact oil prices as the market evaluates the supply and demand dynamics. Lower demand during this period may signal a shift in consumer behavior or broader economic factors affecting energy use.
The unexpected stock increase is likely to influence market sentiment, with traders closely monitoring future demand trends and refinery activity in the coming weeks.
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