U.S. commercial crude inventories rose for the first time in 11 weeks, climbing 3 million barrels in the week ended July 3. Analysts had expected a draw, and the surprise build came from stronger production and imports alongside weaker exports.
U.S. commercial crude stockpiles rose by 3 million barrels to 411.4 million in the week ended July 3, the first increase in 11 weeks. Analysts had forecast a 1.4 million barrel decline instead. The figure, which excludes the Strategic Petroleum Reserve, left stocks about 6% below the five-year average.
Where the barrels came from
The build traced back to a shift in supply flows. Domestic production edged up 50,000 barrels a day to just under 13.9 million barrels daily. Imports rose 351,000 barrels a day to 5.6 million barrels daily.
Exports moved the other way, falling 746,000 barrels a day to 3.3 million barrels daily. More crude staying onshore, therefore, pushed commercial tanks higher even as other stores drew down.
Reserves and products drew down
The Strategic Petroleum Reserve fell 6.2 million barrels to 319.5 million. At the Cushing, Oklahoma hub, inventories slipped 52,000 barrels to 19.6 million.
Refined products tightened as well. Gasoline stocks dropped 1.9 million barrels to 212.1 million, and distillate fuel fell 5 million barrels to 103.6 million. Refiners ran at 95.8% of capacity, down from 96.6% a week earlier.
Source: MarketScreener (snippet-based)
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