U.S. Crude Stocks Rise 4.7 Million Barrels, Reversing Drawdown Run

Commercial crude stocks, excluding the Strategic Petroleum Reserve, reached 414.4 million barrels, about 4% below the five-year average for this time of year. The SPR’s holdings fell by 2.6 million barrels to 279.5 million, while inventories at Cushing, Okla., the Nymex delivery hub, increased by 106,000 barrels to 27.4 million.

The EIA put U.S. crude production at 14 million barrels a day, up 10,000 from the prior week. Imports rose by 325,000 barrels a day to 6.7 million, while exports dropped by 220,000 barrels a day to 3.5 million.

Refineries operated at 95.2% of capacity, compared with 94.5% a week earlier. Crude input rose by 322,000 barrels a day to 17 million. The Journal survey had forecast a half-percentage-point increase in refinery use; the reported rise was 0.7 percentage point.

Gasoline stocks added 1.8 million barrels to 210.8 million, putting them 1% above the five-year average. Analysts had expected no change. Gasoline demand slipped by 41,000 barrels a day to just under 8.8 million.

Distillate inventories rose by 4.1 million barrels to 103.3 million, against expectations for a 1.2 million-barrel decline. They remained 8% below the five-year average. Distillate demand fell by 1 million barrels a day from the previous week to 3.4 million.