U.S. crude oil inventories fell unexpectedly last week, and product stocks were mixed as refineries stepped up their capacity use, according to data released Wednesday by the U.S. Energy Information Administration.
Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 3.2 million barrels to 424.1 million barrels in the week ended Oct. 2 and were about 1% above the five-year average for the time of year, the EIA said. Crude stocks were expected to have increased by 1.7 million barrels, according to a Wall Street Journal survey of analysts.
Oil stored in the SPR was down by 800,000 barrels at 283 million barrels. Oil stocks at Cushing, Okla., the Nymex delivery hub, increased by 444,000 barrels to 24.7 million barrels.
The EIA estimated U.S. crude oil production at 14 million barrels a day, 24,000 barrels a day more than the previous week. Crude oil imports rose by 1.1 million barrels a day to 6.8 million barrels a day, and exports increased by 1.2 million barrels a day to 4.8 million barrels a day.
Refineries ran at 92.7% of capacity, up from 92.5% the week before, with crude input to refineries rising by 223,000 barrels a day to 16.5 million barrels a day. Refinery runs were forecast to have fallen by one fifth of a percentage point in the Journal survey.
Gasoline inventories rose by 382,000 barrels to 204.7 million barrels compared with expectations of a 1.1 million barrel decline, and were 6% below the five-year average. Gasoline demand rose by 81,000 barrels a day to 8.8 million barrels a day.
Distillate fuel stocks slipped by 42,000 barrels to 105.1 million barrels and were 12% below the five-year average for the time of year. Distillate inventories were forecast to have fallen by 1.5 million barrels.
Change in U.S. oil inventories for the week ended Oct. 2:
Crude Gasoline Distillates Refinery Use
EIA data: -3.2 0.4 0.0 0.2
Forecast: 1.7 -1.1 -1.5 -0.2
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.
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