Crude oil inventories rose 6.0 million barrels in the October 5 week to 410.0 million, 11.3 percent below their level a year ago. Product inventories were mixed, with gasoline up 1.0 million barrels to 236.2 million, up 6.7 percent year-on-year, and distillates down 2.7 million barrels to 133.5 million, 0.4 percent lower than last year at this time. The sizeable increase in crude oil inventories was nevertheless smaller than the outsized build of 9.8 million barrels reported Wednesday by the American Petroleum Institute, a private industry group, which also reported a larger build in gasoline of 3.4 million barrels and a larger draw for gasoline of 3.5 million barrels. WTI prices, which fell sharply in earlier trade partly on the back of the API report, fell further by about 50 cents to around $71.15 per barrel immediately following the release of the EIA data.
Refineries slowed to operate at 88.8 percent of their operable capacity, down 1.6 percentage points from the prior week. Gasoline production decreased, averaging 9.7 million barrels per day, as did the production of distillates, averaging 5.0 million barrels per day.
Crude oil imports fell by 568,000 barrels per day from the prior week to an average of 7.4 million barrels per day. Over the last 4 weeks crude oil imports averaged 7.8 million barrels per day, 5.3 percent more than in the same period last year.
Domestic crude oil production rose to a 4-week average of 11.1 million barrels per day, 16.5 percent more than last year at this time.
Overall product demand continued to soften, with total product supplied over the last 4 weeks averaging 20.3 million barrels per day, up 0.2 percent from the same period last year. But demand was mixed for the main products, with supplied gasoline falling to an average 9.2 million barrels per day, down 2.6 percent year-on-year, while supplied distillates rose to an average of 4.2 million barrels per day, up 8.2 percent from the same period last year.