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EIA reports large build of crude oil inventories despite record high refinery input
Last Updated: 2018-08-16 15:54 | Xinhua
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The U.S. Energy Information Administration (EIA) on Wednesday reported a large build in crude oil inventories despite record high refinery utilization in the week ending Aug. 10.

According to the Weekly Petroleum Status Report by EIA, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 6.8 million barrels during the week ending Aug. 10. The market's expectation was 2.5 million barrels of crude oil draw. The actual record level of build surprised the market.

In the previous week, EIA reported a draw of 1.35 million barrels. The commercial crude oil inventories excluding SPR was 11.2 percent below the levels of the same week last year.

U.S. crude oil refinery inputs averaged 17.98 million barrels per day last week which was 383,000 barrels per day higher than the previous week's average, and was 416,000 barrels per day higher than the levels the same week of last year.

Over the past four weeks, refinery inputs averaged 17.59 million barrels per day which was 0.7 percent higher than the same four-week period of last year.

U.S. crude oil imports averaged 9.01 million barrels per day last week, 1.08 million barrels per day higher than the levels of the previous week. Over the past four weeks, crude oil imports averaged 8.12 million barrels per day, 0.9 percent higher than the same four-week period last year.

Higher crude oil imports, as well as much higher U.S. crude oil production compared to last year, were the major reasons behind the large build in the crude oil inventories last week.

U.S. crude oil exports averaged 1.59 million barrels per day last week, up 258,000 barrels per day from the previous week.

The net imports averaged 7.42 million barrels per day last week, up 1.08 million barrels per day from the previous week.

Total motor gasoline inventories decreased by 700,000 barrels last week and were about 0.9 percent above the levels of the same week last year. The market expected 740,000 barrels of gasoline draw. The actual report was quite close to the market's expectations.

Distillate fuel inventories increased by 3.57 million barrels last week, but still 13.1 percent below the levels of the same week last year.

Total products supplied over the last four-week period averaged 20.85 million barrels per day, down 1.6 percent from the same period last year. Over the past four weeks, motor gasoline supplied averaged 9.65 million barrels per day, down 1 percent from the same period last year.

Distillate fuel supplied over the last four-week period averaged 3.94 million barrels per day, down 8.7 percent from the same period last year. Over the past four weeks, jet fuel supplied averaged 1.85 million barrels per day, up 3.4 percent from the same period last year.

According to EIA, U.S. crude oil production last week was 10.9 million barrels per day, which was 100,000 barrels per day higher than the previous week.

The surprise build of U.S. inventories weighed on the market on Wednesday, with both WTI and Brent oil prices dropping over 2 percent. Meanwhile, the EIA reported an increase in crude oil production last week, which pressured the oil prices downward.

The West Texas Intermediate for September delivery decreased 2.03 U.S. dollars to settle at 65.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery fell 1.70 dollars to close at 70.76 dollars a barrel on the London ICE Futures Exchange.

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