Crude oil inventories rose 6.8 million barrels in the August 10 week to 414.2 million, 11.2 percent below their level a year ago. Product inventories were mixed, with gasoline down 0.7 million barrels to 233.1 million, 0.9 percent above the year ago level, while distillates rose 3.6 million barrels to 129.0 million, down 13.1 percent year-on-year. The crude oil build was much larger than the 3.7 million barrel increase reported Tuesday by the American Petroleum Institute (API), a private industry group, which also reported a larger decline of 1.6 million barrels for gasoline and a smaller build of 1.9 million billion for distillates. WTI prices fell by about $1.00 to around $64.80 per barrel following the release of the EIA report.
Refineries ramped up to operate at 98.1 percent of their operable capacity, up 1.5 percentage points from the prior week. Production increased, with gasoline averaging 10.2 million barrels per day and distillates 5.3 million barrels per day.
Crude oil imports rose sharply by 1.083 million barrels per day from the previous week to an average of 9.0 million barrels per day. But the 4-week average remained unchanged from the prior week at 8.1 million barrels per day, 0.9 percent above the level a year ago.
Domestic crude oil production was steady, averaging 10.9 million barrels per day over the last 4 weeks, 15.5 percent more than last year at this time.
Overall product demand declined, averaging 20.8 million barrels per day over the last 4 weeks, down 1.6 percent from the level a year ago. Demand for the main products also declined, at 9.6 million barrels per day for gasoline down 1.6 percent year-on-year and at 3.9 million per day for distillates down 8.7 percent from the same period last year.