EIA: Crude Up 2.4M Bbl, Gasoline Down, Distillates Higher

EIA: Crude Up 2.4M Bbl, Gasoline Down

DAVENPORT, FL (DTN) — U.S. crude oil inventories rose in the week ending August 29, snapping two straight weeks of draws, while gasoline stocks moved sharply lower and distillate fuel oil supplies posted a build, the Energy Information Administration reported Thursday (9/4).

Commercial crude stocks increased by 2.4 million bbl to 420.7 million bbl, 2.4 million bbl higher than the same week last year. The build follows a 2.4 million bbl decline reported for the prior week. Inventories at Cushing, Oklahoma, the delivery point for NYMEX West Texas Intermediate futures, rose 1.6 million bbl to 24.2 million bbl.

Motor gasoline inventories fell by 3.8 million bbl to 218.5 million bbl, 0.7 million bbl below the comparable week in 2024. Blending components dropped 3.5 million bbl, while conventional gasoline stocks declined 0.3 million bbl.

Distillate fuel oil inventories increased by 1.7 million bbl to 115.9 million bbl, 6.8 million bbl below the year-ago level, the EIA data showed.

Refinery utilization stood at 94.3% of capacity, down from 94.6% the prior week but above the 93.3% rate during the same period last year. Crude runs averaged 16.869 million bpd, down 11,000 bpd week-on-week.

Crude exports averaged 3.884 million bpd, compared with 3.810 million bpd the previous week and 3.756 million bpd a year ago. Crude imports rose 508,000 bpd to 6.742 million bpd, nearly 1.0 million bpd above year-ago levels. The four-week average for crude exports was 3.840 million bpd, down from 4.171 million bpd in the comparable period of 2024.

Total products supplied over the last four weeks averaged 20.652 million bpd, up 111,000 bpd from the same period last year. Gasoline demand averaged 9.117 million bpd, 123,000 bpd lower than the prior week but 179,000 bpd above the year-ago level. Distillate demand averaged 3.768 million bpd, down 373,000 bpd from the previous week and 229,000 bpd below the same week in 2024.