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U.S. crude oil inventories saw an increase last week as imports grew and refineries ramped up their capacity, according to the Energy Information Administration’s (EIA) data released Wednesday. Commercial crude oil stocks, excluding the Strategic Petroleum Reserve (SPR), rose by 2.1 million barrels to 427.7 million barrels, remaining about 5% below the five-year average for this season. Analysts had expected crude inventories to stay level from the previous week.
The SPR also saw a rise, with stocks increasing by 1.4 million barrels to 387.2 million barrels, while oil at Cushing, Oklahoma, the Nymex delivery hub, was up by 522,000 barrels to 25.9 million barrels. Refinery capacity use rose to 90.5%, with a slight increase in operational efficiency from 89.1% the previous week. The change was slightly above analysts’ forecasted increase to 89.4%.
Crude oil production remained stable at 13.5 million barrels per day, marking the fourth week at this level. Crude imports saw an uptick, adding 265,000 barrels per day to reach 6.2 million barrels, while exports dropped to 2.9 million barrels per day, a decline of 1.4 million barrels per day.
Gasoline inventories increased by 412,000 barrels to 211.3 million barrels, marking a level 2% below the five-year average. Although analysts had forecasted a 900,000-barrel decrease, the uptick in inventories surprised market watchers. Gasoline demand fell by 313,000 barrels per day to 8.8 million barrels per day, reflecting some seasonal cooling in demand.
Distillate stocks also reversed their recent downward trend, rising by 2.9 million barrels to 115.8 million barrels after six consecutive weeks of declines. Distillate inventories, which analysts had expected to fall, are now around 6% below the five-year average, providing some relief after weeks of drawdowns.
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