Crude oil inventories rose 6.5 million barrels in the October 12 week to 416.4 million, 8.8 percent below their level a year ago. But product inventories declined, with gasoline down 2.0 million barrels to 234.2 million, up 5.3 percent year-on-year, and distillates down 0.8 million barrels to 132.6 million, 1.4 percent lower than last year at this time. The sizable crude oil build contrasted with a draw of 2.1 million barrels reported Tuesday by the American Petroleum Institute, a private industry group, which also reported a draw for gasoline of 3.4 million barrels and for distillates of 0.2 million. WTI prices fell about 80 cents to around $70.05 per barrel immediately following the release of the EIA report.
Refineries operated at 88.8 percent of their operable capacity, unchanged from the level in the prior week. But gasoline production increased, averaging 10.4 million barrels per day, while the production of distillates fell, averaging 4.8 million barrels per day.
Crude oil imports were up by 218,000 barrels per day from the prior week to an average of 7.6 million barrels per day. Over the last 4 weeks, crude oil imports averaged 7.7 million barrels per day, 3.5 percent more than in the same period last year.
Domestic crude oil production averaged 11.1 million barrels per day over the last 4 weeks, up 19.7 percent from last year at this time.
Overall product demand continued to soften, with total product supplied over the last 4 weeks averaging 20.0 million barrels per day, up 0.4 percent from the same period last year. While demand for the main products also softened, the year-on-year comparisons remained sharply mixed, with supplied gasoline falling to an average of 9.1 million barrels per day, down 2.8 percent year-on-year, while supplied distillates fell to 4.1 million barrels per day, 11.5 percent higher than last year at this time.