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Crude Oil · EIA · Energy · Inventories
US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 3.1 million barrels to 464.7 million barrels for the seventh consecutive week, significantly exceeding the Wall Street Journal survey's forecast of a 600,000-barrel rise, according to the U.S. Energy Information Administration.
This build places commercial crude stocks 2% above the five-year average for this period. Concurrently, the Strategic Petroleum Reserve saw a 1.7 million barrel decrease, bringing its total to 413.3 million barrels, as the Energy Department released oil to address major supply disruptions in the Strait of Hormuz due to Middle East conflict.
In contrast to crude, gasoline inventories fell by 1.6 million barrels to 239.3 million barrels, and distillate fuel stocks dropped by 3.1 million barrels to 114.7 million barrels, with distillates now 5% below their five-year average. U.S. crude oil production decreased by 61,000 barrels a day to 13.6 million barrels a day, while imports were down by 130,000 barrels a day and exports increased by 628,000 barrels a day.
Refinery capacity utilization slightly declined to 92% from 92.1%, with crude input to refineries also falling by 129,000 barrels a day, contrary to the Journal survey's expectation of a rise. Gasoline demand also decreased by 122,000 barrels a day to 8.6 million barrels a day.
