The surge in domestic supply occurred as import volumes climbed by 117,000 barrels a day to 5.8 million, while exports simultaneously dipped by 368,000 barrels a day to 3.4 million. Despite the weekly increase, total commercial stocks remain roughly 6% below the five-year seasonal average. At the Nymex delivery hub in Cushing, Oklahoma, reserves tightened, falling by 674,000 barrels to 19.4 million.
In section Market Quotes
U.S. Crude Inventories Defy Expectations With Unexpected Build
Unexpected shifts in import and export activity drove U.S. commercial crude oil stockpiles upward by 2 million barrels last week. The Energy Information Administration reported inventories reached 411.7 million barrels for the period ending July 17, catching analysts off guard who had forecast a draw of 1 million barrels.
Downstream activity saw refinery utilization slip slightly to 96.1%, with crude inputs dropping to 17.1 million barrels a day. Gasoline inventories also rose by 765,000 barrels to 211.3 million, defying analyst projections of a 1.1 million barrel decline, even as gasoline demand ticked up by 103,000 barrels a day. Meanwhile, distillate stocks grew by 1.4 million barrels to 109.6 million, significantly outpacing the modest 100,000 barrel build anticipated by the market.
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