EIA: U.S. Crude Stock Up 3.7Mb, Gasoline, Distillates Down

DAVENPORT, FL (DTN) — U.S. commercial crude oil inventories increased for the second consecutive week in the period ending October 3, while gasoline and distillate fuel oil stocks both declined, the Energy Information Administration reported Wednesday (10/8).

Commercial crude stocks rose by 3.7 million bbl to 420.3 million bbl, extending last week’s 1.8 million bbl build. Inventories now sit about 2.4 million bbl below levels a year earlier.

Stocks at Cushing, Oklahoma, the delivery point for NYMEX West Texas Intermediate futures, fell by 800,000 bbl to 22.7 million bbl, marking a second straight draw.

Blending components decreased by 2 million bbl to 203.4 million bbl, while conventional gasoline stocks increased by 400,000 bbl to 15.7 million bbl.

Distillate fuel oil inventories posted the largest decline among the major products, falliby 2 million bbl to 121.6 million bbl, reversing last week’s modest build. Despite the draw, inventories remain about 3.1 million bbl higher than the same period last year, with most of the decrease occurring in low-sulfur grades.

Total motor gasoline inventories fell by 1.6 million bbl to 219.1 million bbl, following a build the previous week. Blending components accounted for the bulk of the drop, offset slightly by gains in conventional gasoline.

Refinery utilization in the East Coast rose to 92.4% of capacity, up from 91.4% the prior week and above 86.7% in the prior year. Crude runs averaged 16.297 million bpd, an increase of 130,000 bpd week-on-week.

Crude exports averaged 3.590 million bpd, down from 3.751 million bpd the previous week and 3.794 million bpd the previous year. Crude imports climbed by 570,000 bpd to 6.403 million bbl, marking the second consecutive weekly increase.

Total products supplied over the last four weeks averaged 20.897 million bpd, up 1.7% from the same period last year. Gasoline demand averaged 8.919 million bpd, holding near 2024 levels, while distillate demand increased to 4.346 million bpd, slightly above last year’s pace.