By Anthony Harrup
U.S. crude oil stocks increased last week as the country produced and imported more oil while exporting less, according to data released Wednesday by the U.S. Energy Information Administration.
Commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 3.7 million barrels to 459.7 million barrels in the week end June 7, 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 1.2 million barrels.
Oil in the SPR was up by 339,000 barrels at 370.5 million barrels. Oil stored at Cushing, Okla., the Nymex delivery hub, was down by 1.6 million barrels at 33.8 million barrels. Refinery capacity use fell by 0.4 percentage point to 95% after five straight weeks of increases. Refinery runs were forecast to slip 0.3 percentage point.
The EIA estimated U.S. crude oil production at 13.2 million barrels a day, up from 13.1 million barrels a day the previous week. Crude imports averaged 8.3 million barrels a day, 1.2 million barrels a day more than in the previous week, while exports fell by 1.3 million barrels a day to 3.2 million barrels a day.
Gasoline inventories increased by 2.6 million barrels to 233.5 million barrels and were slightly below the five-year average, the EIA said. Gasoline demand rose by 94,000 barrels a day to 9 million barrels a day. Gasoline stocks were seen unchanged in the Journal survey.
Distillate fuel stocks rose by 881,000 barrels to 123.4 million barrels, in line with expectations, and were about 7% below the five-year average.
Change in U.S. oil inventories for the week ended June 7:
Crude Gasoline Distillates Refinery Use
EIA data: 3.7 2.6 0.9 -0.4
Forecast: -1.2 unch 0.9 -0.3
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
06-12-24 1124ET
