U.S. crude oil inventories fell more than expected last week with refineries running near full capacity, according to data released Wednesday by the U.S. Energy Information Administration.
Commercial crude oil stocks excluding the Strategic Petroleum Reserve were down by 4.5 million barrels at 424.5 million barrels in the week ended Aug. 28 and were about 1% above the five-year average for the time of year, the EIA said. Crude stocks were expected to have fallen by 300,000 barrels, according to a Wall Street Journal survey of analysts.
Oil stored in the SPR was down by 3.1 million barrels at 286.6 million barrels. Oil stocks at Cushing, Okla., the Nymex delivery hub, increased by 80,000 barrels to 22.5 million barrels.
U.S. crude oil production rose by 19,000 barrels a day to 13.86 million barrels a day. Crude oil imports were up by 612,000 barrels a day at 6.8 million barrels a day, and exports increased by 691,000 barrels a day to 4.5 million barrels a day.
Refinery capacity use rose to 98% from 97.4% the week before, with crude input to refineries up by 102,000 barrels a day at 17.5 million barrels a day. Refinery runs were forecast to have fallen by 0.3 of a percentage point in the Journal survey.
Gasoline inventories were down by 1.2 million barrels at 205.7 million barrels and were 6% below the five-year average, the EIA said. Gasoline demand fell by 121,000 barrels a day to 8.9 million barrels a day. Gasoline stocks were expected to have declined by 1.7 million barrels.
Distillate fuel stocks rose by 796,000 barrels to 104.2 million barrels and were 14% below the five-year average for the time of year. Distillate inventories were forecast to have fallen by 1.9 million barrels.
Change in U.S. oil inventories for the week ended Aug. 28:
Crude Gasoline Distillates Refinery Use
EIA data: -4.5 -1.2 0.8 0.6
Forecast: -0.3 -1.7 -1.9 -0.3
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.