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US Crude Oil Inventories Rise by 4.4 Million Barrels, EIA Reports
Summary
U.S. commercial crude oil inventories saw a significant build last week, according to the latest government data, while gasoline stocks also edged higher and refinery activity increased.
U.S. commercial crude oil inventories increased by 4.4 million barrels in the week ending August 14, a notable build that surpassed market expectations. The data was released Wednesday in a weekly report from the U.S. Energy Information Administration (EIA).
Detailed Inventory Breakdown
The EIA report provided a mixed picture across different petroleum products. Total commercial crude stockpiles now stand at 428.8 million barrels.
- Gasoline Inventories: Increased by 700,000 barrels to 209.4 million barrels.
- Distillate Fuel Inventories: This category, which includes diesel and heating oil, saw a draw of 1.5 million barrels, bringing total stockpiles to 105.6 million barrels.
- Cushing, Oklahoma Stocks: Inventories at the key delivery hub for WTI crude futures fell by 1.3 million barrels.
AdRefinery Activity Ramps Up
The build in crude inventories occurred even as refinery activity increased, a sign of robust crude supply. According to the EIA, crude oil processing at U.S. refineries rose by 216,000 barrels per day compared to the previous week.
This increase in throughput pushed the national refinery utilization rate up by 1.0 percentage point. The figures are closely watched by energy traders as a proxy for fuel demand and the balance between crude supply and processing capacity.
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