By Anthony Harrup
U.S. crude oil stocks increased more than expected as production picked up, while the build in gasoline stocks extended to almost three months, according to data released Wednesday by the U.S. Energy Information Administration.
Commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 8.7 million barrels to 423.8 million barrels in the week ended Jan. 31, and were about 5% 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 increase by 1.3 million barrels.
Oil stored in the SPR rose by 250,000 barrels to 395.1 million barrels. Oil stocks at Cushing, Okla., the Nymex delivery hub, slipped by 34,000 barrels to 20.9 million barrels.
The EIA estimated U.S. crude oil production at 13.48 million barrels a day, up by 238,000 barrels a day from the week before. Crude imports rose by 467,000 barrels a day to 6.9 million barrels a day, and exports rose by 645,000 barrels a day to 4.3 million barrels a day.
Refinery capacity use increased by 1 percentage point to 84.5%. Refinery runs were forecast to slip by 0.1 percentage points in the Journal survey.
Gasoline inventories grew for a 12th consecutive week, rising by 2.2 million barrels to 251.1 million barrels, and were slightly above the five-year average, the EIA said. Gasoline stocks were forecast to be up by 100,000 barrels. Gasoline demand was little changed at 8.3 million barrels a day.
Distillate fuel stocks fell by 5.5 million barrels to 118.5 million barrels, against expectations of a 1.6 million barrel draw, and were 12% below the five-year average.
Change in U.S. oil inventories for the week ended Jan. 31:
Crude Gasoline Distillates Refinery Use
EIA data: 8.7 2.2 -5.5 1.0
Forecast: 1.3 0.1 -1.6 -0.1
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
02-05-25 1114ET
