U.S. Crude Oil Inventories Rise by 8.7 Million barrels in Week to Nov. 17

By Anthony Harrup

U.S. crude oil and gasoline inventories increased more than expected last week while refinery capacity use rose from a week before, according to data released Wednesday by the Energy Information Administration.

Commercial crude-oil stockpiles excluding the Strategic Petroleum Reserve, rose by 8.7 million barrels to 448.1 million barrels in the week ended Nov. 17, and were 1% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would rise by 100,000 barrels.

Oil stored at Cushing, Okla., the Nymex delivery hub, rose by 900,000 barrels to 25.9 million. U.S. crude oil production was stable at 13.2 million barrels a day, the EIA said.

The Nymex front-month crude contract for January was lower Wednesday as the market digested a spate of bearish news, including the Organization of Petroleum Exporting Countries' decision to move its weekend meeting to the end of the month. WTI for January delivery was recently off 4% at $74.69 a barrel.

Gasoline stockpiles rose by 700,000 barrels to 216.4 million barrels as of Nov. 17, and were 2% below the five-year average. Analysts had expected a 600,000-barrel draw on gasoline stocks.

Distillate stocks, mostly diesel fuel, decreased by 1 million barrels to 105.6 million barrels, against expectations of a 600,000-barrel draw in the Wall Street Journal survey. Distillate stocks were 13% below their five-year average, the EIA said.

The refining capacity utilization rate was 87%, up 0.9 percentage point from the previous week. Expectations were for a 0.8 percentage-point increase.

Change in U.S. oil inventories for the week ended Nov. 17:

           Crude   Gasoline    Distillates    Refinery Use 
EIA data:    8.7        0.7           -1.0             0.9 
Forecast:    0.1       -0.6           -0.6             0.8 

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

Write to Anthony Harrup at anthony.harrup@wsj.com

(END) Dow Jones Newswires

November 22, 2023 11:30 ET (16:30 GMT)

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