U.S. crude, fuel inventories rise in defiance of market expectations
Date
9/12/2024 4:45:30 AM
(MENAFN) In the week ending September 6, U.S. crude oil, gasoline, and distillate stockpiles all saw unexpected increases, according to the latest data from the U.S. energy Information Administration (EIA). Crude oil inventories rose by 833,000 barrels, bringing the total to 419.1 million barrels. This increase was slightly below analysts' predictions, which had forecasted a rise of 987,000 barrels based on a poll. However, crude stocks at the key Cushing, Oklahoma delivery hub experienced a significant decline of 1.7 million barrels, reflecting localized shifts in supply and demand dynamics.
In addition to crude oil, gasoline stocks also saw a notable rise, increasing by 2.3 million barrels to reach 221.6 million barrels. This was in stark contrast to market expectations, which had anticipated a slight decrease of 0.1 million barrels for the week. Distillate stockpiles, which include diesel and heating oil, climbed by 2.3 million barrels to a total of 125 million barrels, far exceeding the forecasted increase of 0.3 million barrels. The increase in both gasoline and distillate stocks suggests a softer-than-expected demand for these refined products during the period.
Other indicators also highlighted shifts in U.S. energy market dynamics. Refinery crude throughput decreased by 141,000 barrels per day, while refinery utilization rates dropped by 0.5 percentage points, reflecting a slowdown in refining activity. Meanwhile, net crude imports into the U.S. rose sharply by 1.53 million barrels per day, pointing to a greater reliance on foreign oil supplies. These developments suggest a complex picture for the U.S. energy market, marked by rising inventories amid fluctuating supply and demand factors.
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