U.S. Adds Crude Oil Stocks

By Kirk Maltais

Inventories of crude oil in the U.S. rose for the week ended Sept. 27, counter to analyst forecasts of those stocks dropping.

In its weekly report released Wednesday, the Energy Information Administration said crude oil stocks excluding the Strategic Petroleum Reserve rose 3.9 million barrels to 416.9 million. Analysts surveyed by The Wall Street Journal this week had forecast stocks to fall 500,000 barrels to 412.5 million barrels.

Gasoline stocks rose 1.1 million barrels to 221.2 million, while distillate fuel oil stocks fell 1.3 million barrels to 121.6 million. Analysts had forecast gasoline inventories to fall 300,000 barrels, while projecting distillate fuels to move down 1.5 million barrels.

Refinery capacity use for the week fell 87.6%, down from 90.9% reported last week. Surveyed analysts had forecast capacity to fall by 1.1 percentage points.

Change in U.S. oil inventories for the week ended Sept. 27:

 
            Crude    Gasoline   Distillates   Refinery Use 
 EIA data:   3.9        1.1        -1.3          -3.3 
 Forecast:  -0.5       -0.3        -1.5          -1.1 
 

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

Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

October 02, 2024 11:08 ET (15:08 GMT)

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