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U.S. crude oil inventories increased more than expected last week as U.S. production hit a record high and exports fell, according to data released Thursday by the U.S. Energy Information Administration.
Commercial crude oil stocks, excluding the Strategic Petroleum Reserve, rose by 6.4 million barrels, to 427.6 million barrels, in the week ended Nov. 7, and were about 4% below the five-year average for the time of year, the EIA said. Analysts in a Wall Street Journal survey had expected a 400,000 barrel crude stock build.
U.S. crude oil production rose by 211,000 barrels a day, to just under 13.9 million barrels a day, the highest on record, according to EIA estimates. Crude imports were down by 703,000 barrels a day, at 5.2 million barrels a day, while exports fell by 1.6 million barrels a day, to 2.8 million barrels a day.
Above ground petroleum storage tanks at the Royal Dutch Shell PLC Southern California Distribution Complex in Carson, California, on April 21, 2021. (Bing Guan/Bloomberg via Getty Images / Getty Images)
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Oil held in the SPR increased by 798,000 barrels, to 410.4 million barrels. Stocks at Cushing, Okla., the Nymex delivery hub, were down by 346,000 barrels, at 22.5 million barrels.
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Refinery capacity use rose by 3.4 percentage points, to 89.4%, against expectations in the Journal survey for a 0.6 perentage-point increase. Crude input to refineries was up by 717,000 barrels a day, at 16 million barrels a day.
An oil pump jack in New Mexico. (Getty Images / Getty Images)
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Gasoline inventories fell by 945,000 barrels, to 205.1 million barrels, and were 4% below the five-year average, the EIA said. Gasoline demand averaged 9 million barrels a day, up by 145,000 barrels a day from the week before. Gasoline stocks were seen falling by 2 million barrels.
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Distillate fuel stocks fell by 637,000 barrels, to 110.9 million barrels, and were 8% below the five-year average. Distillate inventories were forecast to have declined by 1.5 million barrels.
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