US Crude Oil Inventories Increase Last Week
The US Energy Information Administration reported that crude oil inventories rose by 2.5 million barrels to 407.0 million barrels last week, exceeding analyst expectations for a decline. Total US crude inventories fell to their lowest level since March 1984 at 711.8 million barrels, while refinery utilization declined to 96.5%.
Weekly inventory data from the US Energy Information Administration showed an unexpected increase in crude oil stockpiles, with commercial inventories climbing by 2.5 million barrels against market expectations for a 1.5-million-barrel reduction. The combined measure of commercial stocks and the Strategic Petroleum Reserve fell to 711.8 million barrels, marking the lowest total since early 1984. At the Cushing, Oklahoma delivery hub, inventories rose by 2.4 million barrels during the week, moving back above the estimated minimum operating threshold of approximately 20 million barrels. Refinery operations weakened during the period, with crude inputs declining by 183,000 barrels per day and utilization rates falling 0.7 percentage points to 96.5%. Import activity strengthened, rising by approximately 515,000 barrels per day to reach 6.2 million barrels daily, while net crude imports increased by 297,000 barrels per day.
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