U.S. crude oil inventories decreased last week, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.
According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 2.5 million barrels during the week ending Aug. 24. The market's expectation was draw of 700,000 barrels in crude oil.
In the previous week ending Aug. 17, EIA reported a draw of 5.8 million barrels. The commercial crude oil inventories excluding SPR was 11.4 percent below the levels of the same week last year.
U.S. crude oil refinery inputs averaged 17.56 million barrels per day in the last week, which was 326,000 barrels per day lower than the previous week's average. Over the past four weeks, refinery inputs averaged 17.75 million barrels per day, 1.0 percent higher than the same four-week period of last year.
U.S. crude oil imports averaged 7.48 million barrels per day last week which was almost at same levels of the previous week. Over the past four weeks, crude oil imports averaged 7.98 million barrels per day, 1.9 percent lower than the same four-week period last year.
U.S. crude oil exports averaged 1.78 million barrels per day last week, up by 624,000 barrels per day from the previous week.
Higher exports were a major reason for the draw in crude oil inventories. Higher exports could offset the lower crude oil input to refineries.
The net imports averaged 5.70 million barrels per day last week, down by 657,000 barrels per day from the previous week.
Total motor gasoline inventories decreased by 1.6 million barrels last week, about 1.2 percent above the levels of the same week last year. However, the market expected 400,000 barrels of gasoline build.
Distillate fuel inventories decreased by 837,000 barrels last week and are 12.8 percent below the levels of the same week last year.
Strong demand for both gasoline and distillates was behind the draws in oil products. Total commercial petroleum inventories decreased by 1.7 million barrels last week.
Total products supplied over the last four-week period averaged 21.19 million barrels per day, down by 0.2 percent from the same period last year. Over the past four weeks, motor gasoline supplied averaged 9.55 million barrels per day, down by 1.5 percent from the same period last year.
Distillate fuel oil supplied over the last four-week period averaged 4.11 million barrels per day, down by 1.5 percent from the same period last year. Over the past four weeks, jet fuel supplied averaged 1.91 million barrels per day, up by 5.2 percent from the same period last year.
According to EIA, U.S. crude oil production remained unchanged at 11 million barrels per day during last week.
Oil prices moved upwards on Wednesday after official data showed a draw in U.S. crude oil, gasoline and distillates inventories. The draws supported the bullish sentiment that started last week. Decline in imports and higher exports gave the oil market more confidence at the end of the driving season in the United States.
On Wednesday, the West Texas Intermediate (WTI) for October delivery price increased by 1.4 percent to settle at 69.51 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased by 1.6 percent to settle at 77.14 dollars a barrel on the London ICE Futures Exchange.
Editor:Yaling
