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US Crude Oil Inventories Increase Unexpectedly
30 Dec
Summary
- Commercial crude oil stocks rose by 400,000 barrels to 424.8 million.
- Crude oil imports fell by 440,000 barrels per day, exports dropped significantly.
- Gasoline inventories increased by 2.9 million barrels, demand slightly lower.
In the week concluding on December 19th, United States commercial crude oil inventories experienced an unexpected rise of 400,000 barrels. This brought the total storage to 424.8 million barrels, which is approximately 3% below the typical five-year average for this period. The increase defied analyst expectations, which had predicted a draw of 2.6 million barrels.
The dynamics influencing this inventory build included a notable decrease in crude oil imports by 440,000 barrels per day, and a more substantial drop in exports, exceeding one million barrels per day. Furthermore, refinery activity saw a slight reduction, with capacity utilization dipping to 94.6% and crude input to refineries down by 212,000 barrels per day.
Alongside crude oil, gasoline inventories also expanded, climbing by 2.9 million barrels to 228.5 million barrels, placing them slightly above the five-year average. Distillate fuel stocks also saw an increase of 200,000 barrels. U.S. crude oil production itself was estimated to be down slightly from the previous week.
