October 6 (Reuters) – US crude oil and gasoline inventories rose last week as production rebounded as more offshore oil facilities returned from closures linked to last month’s storm, said on Wednesday the Energy Information Administration.
Crude inventories (USOILC = ECI) rose 2.3 million barrels in the week of Oct. 1 to 420.9 million barrels, compared to analysts’ expectations in a Reuters poll for a drop of 418,000 barrels.
Production was also higher, increasing from 200,000 barrels per day (bpd) to 11.3 million bpd in the most recent week. This is not far from the heights of the pandemic era for US crude production, although the weekly figures are considered less reliable than the late monthly data.
In addition, product supplied by refineries, an indicator of fuel demand, was 20.7 million barrels per day over the past four weeks, roughly in line with pre-pandemic demand levels. .
Refinery crude cycles (USOICR = ECI) increased 329,000 bpd last week, and utilization rates (USOIRU = ECI) increased 1.5 percentage points to 89.6% of capacity total, the EIA said.
âMuch of the crude production appears to have been spent on increased input to refineries,â said Bob Yawger, director of energy futures at Mizuho.
U.S. gasoline inventories (USOILG = ECI) rose 3.3 million barrels during the week to 225.1 million barrels, the EIA said, compared to analysts’ expectations for a drop of 279,000 barrels.
Distillate inventories (USOILD = ECI), which include diesel and heating oil, fell 396,000 barrels during the week to 129.3 million barrels, against expectations for a drop of 1 million barrels , according to EIA data.
Net imports of U.S. crude (USOICI = ECI) rose 1.4 million bpd to 4.9 million bpd, their highest level since July 2020, according to EIA data.
Crude prices fell on the data after hitting multi-year highs earlier. The global benchmark Brent hit $ 83.47 a barrel, its highest level since October 2018, but at 10:52 a.m. ET (1452 GMT) was down $ 1.43, or 1.8%, to 81. $ 13. U.S. crude climbed to $ 79.78, its highest since November 2014, before falling to $ 77.55 with a loss of $ 1.38 or 1.8% on the day.
Reporting by David Gaffen Editing by Marguerita Choy
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