U.S. Crude Oil Stocks Fall As Refineries Step Up Capacity Use

By Anthony Harrup

U.S. crude oil inventories were down for a second straight week as refineries increased 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 3.4 million barrels to 445.1 million barrels in the week ended July 5, and were about 4% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 1.1 million barrels.

Stocks of gasoline fell by 2 million barrels to 229.7 million barrels, while distillate fuels inventories jumped by 4.9 million barrels to 124.6 million barrels.

 
Change in U.S. oil inventories for the week ended July 5: 
 
                   Crude       Gasoline      Distillates         Refinery Use 
EIA data:          -3.4          -2.0            4.9                 1.9 
Forecast:          -1.1          -1.4            0.2                 unch 
 

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

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(END) Dow Jones Newswires

07-10-24 1102ET