U.S. crude oil inventories rise, gasoline, distillate inventories fall

(MENAFN) On Wednesday, the U.S. energy Information Administration (EIA) released its report for the week ending August 9, revealing a rise in crude oil inventories that defied market expectations. The EIA reported an increase of 1.36 million barrels in crude oil stockpiles, bringing the total to 430.7 million barrels. This increase was contrary to analysts' predictions, which had anticipated a reduction of 2.2 million barrels. Additionally, crude oil inventories at the Cushing, Oklahoma delivery hub decreased by 1.7 million barrels, highlighting a shift in distribution patterns.

Meanwhile, refinery activity showed some encouraging developments, with crude oil processing rising by 65,000 barrels per day. This increase led to an improvement in refinery utilization rates, which climbed by 1 percentage point to 91.5 percent. Despite this positive trend in refinery operations, fuel stockpiles presented a mixed picture. Gasoline inventories fell by 2.9 million barrels to a total of 222.2 million barrels, surpassing the expected decline of 1.3 million barrels. Similarly, distillate inventories, which encompass diesel and heating oil, saw a reduction of 1.7 million barrels to 126.1 million barrels, exceeding the forecasted drop of 0.52 million barrels. These varying trends in fuel stockpiles and refinery performance reflect a complex landscape in the energy sector.

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