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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.
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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.
Refinery capacity use rose by 3.4 percentage points, to 89.4%, against expectations in the Journal survey for a 0.6 percentage-point increase. Crude input to refineries was up by 717,000 barrels a day, at 16 million barrels a day.
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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.
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.
