U.S. crude oil, gasoline and distillate inventories rose last week as the production rebounded from recent storms, the Energy Information Administration (EIA) said on Sept. 29.
Crude inventories rose by 4.6 million barrels in the week to Sept. 24 to 418.5 million barrels, EIA data showed, compared with analysts’ expectations in a Reuters poll for a 1.7 million-barrel drop.
The rebound came as U.S. crude output jumped by 500,000 bbl/d to 11.1 million bbl/d, a level consistent with activity before Hurricane Ida slammed into the U.S. Gulf Coast about a month ago. Production through the spring and summer was between 11.2 million and 11.4 million bbl/d, according to EIA figures.
Analysts consider weekly production data less reliable than monthly figures, which are released on a lagging basis.
Refinery crude runs rose by 68,000 bbl/d in the last week. Refinery utilization rates rose by 0.6 percentage point to 88.1% of total capacity on the week.
U.S. gasoline stocks posted a modest gain of 193,000 barrels to 221.8 million barrels, compared with expectations for a 1.4 million-barrel rise.
Gasoline product supplied, a proxy for demand figures, was 9.2 million bbl/d over the last four weeks, or about 1% below pre-pandemic levels seen in 2019.
For the prior two weeks, gasoline supplied had fallen below 9 million bbl/d, which caused analysts to worry that demand was softening.
"The gasoline supplied number is pretty nice," said Bob Yawger, director of energy futures at Mizuho Group in New York> "That number has been really struggling lately."
Distillate stockpiles, which include diesel and heating oil, rose by 385,000 barrels in the week to 129.7 million barrels, versus expectations for a 1.6 million-barrel drop.
Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. futures rose by 131,000 barrels in the last week, the EIA said.
U.S. oil prices briefly dipped on the news before rebounding to trade around even on the day. WTI crude futures in the U.S. was up 17 cents to $75.46 a barrel as of 11:22 a.m. ET (15:22 GMT). Brent rose 1 cent to $79.10/bbl.
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