U.S. Crude Oil Inventories Rise by 4.4 Million Barrels
U.S. commercial crude oil inventories increased by 4.4 million barrels for the week ending August 14, defying analyst expectations of a decline.
The Energy Information Administration reported that U.S. commercial crude oil inventories rose by 4.4 million barrels to 428.8 million barrels for the week ending August 14. This increase marked the third consecutive weekly rise and contradicted analyst predictions of a 1.6 million barrel decline.
Crude oil production averaged 13.8 million barrels a day, reflecting a weekly increase of 25,000 barrels. Simultaneously, the United States Department of Energy released 5.3 million barrels from the Strategic Petroleum Reserve, bringing the total reserve down to 293.4 million barrels.
Other fuel metrics showed mixed results, with gasoline inventories increasing by 688,000 barrels while distillate fuel stocks fell by 1.5 million barrels. Refinery capacity utilization reached 97.2%, and daily exports grew by 1 million barrels to reach 4.1 million barrels a day.
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