By Anthony Harrup


U.S. crude oil inventories rose unexpectedly last week, while stocks of gasoline and distillate fuels saw above-forecast builds and refineries reduced their capacity use, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude-oil stocks excluding the Strategic Petroleum Reserve rose by 1.3 million barrels to 432.4 million barrels in the week ended Jan. 5 and were about 2% below the five-year average for the time of year, the EIA said. Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would decline by 600,000 barrels.

Storage in the SPR rose by 606,000 barrels to 355 million barrels, the EIA said.

Oil stored at Cushing, Okla., the Nymex delivery hub, fell by 506,000 barrels to 34.2 million barrels, while refineries cut their capacity use to 92.9% from 93.5% the week before. Expectations were for refinery runs to be down 0.8 percentage point from the previous week.

Crude futures were higher Wednesday on news of increased Houthi rebel attacks in the Red Sea, but off earlier highs in the wake of the EIA report. West Texas Intermediate crude for February delivery was up 0.4% at $72.55 a barrel and international benchmark Brent for March was up 0.1% at $77.68 a barrel.

Gasoline stockpiles rose by 8 million barrels to 245 million barrels against expectations of a 2.1 million-barrel increase. Gasoline inventories are about 1% above their five-year average, the EIA said.

Distillate stocks, mostly diesel fuel, rose by 6.5 million barrels to 132.4 million barrels and were about 4% below the five-year average, according to the EIA. Expectations were for a distillates stock build of 1 million barrels. 


 
Change in U.S. oil inventories for the week ended Dec. 15: 
 
                   Crude       Gasoline      Distillates         Refinery Use 
EIA data:           1.3           8.0            6.5                 -0.6 
Forecast:          -0.6           2.1            1.0                 -0.8

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.


Write to Anthony Harrup at anthony.harrup@wsj.com


(END) Dow Jones Newswires

01-10-24 1109ET