S&P GSCI PETROLEUM INDEX By Anthony Harrup
U.S. crude-oil inventories fell for a third consecutive week as imports declined, offsetting a rise in domestic production to a record level, according to data released Wednesday by the U.S. Energy Information Administration.
Commercial crude-oil stocks excluding the Strategic Petroleum Reserve decreased by 1.4 million barrels to 422 million barrels in the week ended Dec. 6 and were about 6% below the five-year average for the time of year, the EIA said. Analysts surveyed by The Wall Street Journal had predicted a 1 million-barrel decline.
Oil held in the SPR rose by 724,000 barrels to 392.5 million barrels. Oil stocks at Cushing, Okla., the Nymex delivery hub, were down by 1.3 million barrels at 22.9 million barrels.
Estimated U.S. oil production rose by 118,000 barrels a day to a record 13.6 million b/d, the EIA said. Crude imports were down by 1.3 million b/d at 6 million b/d, while exports decreased by 1.1 million b/d to 3.1 million b/d.
Refinery-capacity use eased to 92.4% from 93.3% the previous week, against expectations of a half-percentage-point decline in the Journal survey.
Gasoline inventories jumped by 5.1 million barrels in a fourth straight weekly build to 219.7 million barrels, or about 4% below the five-year average. Gasoline demand edged up by 73,000 b/d to 8.8 million b/d. Gasoline stocks were forecast to have risen by 600,000 barrels.
Distillate fuel stocks rose by 3.2 million barrels to 121.3 million barrels, and were also about 4% below the five-year average, the EIA said. Distillate stocks were seen rising by 1 million barrels.
Change in U.S. oil inventories for the week ended Dec. 6:
Crude Gasoline Distillates Refinery Use
EIA data: -1.4 5.1 3.2 -0.9
Forecast: -1.0 0.6 1.0 -0.5
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
12-11-24 1110ET
