U.S. crude inventories rose by less than analysts’ expectations last week, according to data released Wednesday by the U.S. Department of Energy.
Crude oil stockpiles rose 1.3 million barrels to 361.3 million barrels, compared with an average survey estimate calling for a 2.2-million-barrel increase. The American Petroleum Institute, an industry group, reported a 2.4-million-barrel build in its weekly report released late Tuesday.
Stockpiles at the key storage hub of Cushing, Okla. hit a new high, rising to 50.1 million barrels.
Gasoline stockpiles rose 7.4 million barrels to 233.1 million barrels, the department’s Energy Information Administration said in its weekly report, compared with an increase of 2.1 million barrels forecast in a Dow Jones Newswires survey of analysts.
Distillate stocks, which include heating oil and diesel fuel, rose 6.8 million barrels to 130.7 million barrels, compared with analysts’ forecast of a 1.4-million-barrel increase.
Refining capacity utilization fell by 1.3 percentage points to 89.1%. Analysts had expected a 0.1 percentage point increase.
API pegged refinery utilization at 88.9% last week, down from 90.5%. The industry group reported stockpiles of gasoline rose 7.9 million barrels and distillates stocks rose by 5.9 million barrels.
U.S. Oil Inventories:
For week ended Jan. 4:
Crude Distillates Gasoline Refinery Use
EIA data: +1.3 +6.8 +7.4 -1.3
Forecast: +2.2 +1.4 +2.1 +0.1
Figures in millions of barrels, except for refining use, which is reported in percentage points. Forecasts are the average of expectations in a Dow Jones Newswires survey of analysts earlier in the week.
Source: Dow Jones