Crude oil inventories rose 5.8 million barrels in the November 2 week to 431.8 million, 5.5 percent below their level a year ago. Product inventories were mixed, with gasoline up 1.9 million barrels to 228.0 million, 8.8 percent above the year ago level, but distillates down 3.5 million barrels to 122.9 million, 2.2 percent lower than last year at this time. The sizable crude oil build was smaller than the 7.8 million increase reported Tuesday by the American Petroleum Institute (API), a private industry group, which also reported a decline of 1.2 million for gasoline and 3.6 million for distillates. WTI prices, which fell earlier partly on the back of the bearish API report, dropped another 60 cents to around $61.60 per barrel immediately following the release of the EIA data.
Refineries ramped up to 90.0 percent of the operable capacity, 0.6 percentage points above the prior week's rate. But production nevertheless declined, averaging 9.7 million and 5.0 million barrels per day for gasoline and distillates respectively.
Crude oil imports increased in the week, averaging 7.5 million barrels per day, up 195,000 barrels per day from the prior week. Over the last 4 weeks, crude oil imports also averaged 7.5 million barrels per day, which was 1.2 percent less than in the period last year.
Domestic crude oil production increased, rising to an average over the last four weeks of 11.2 million barrels per day, 20.3 percent more than in the same period last year.
Overall product demand was stable, with total products supplied over the last 4 weeks averaging 20.7 million barrels per day, up 4.0 percent from the same time last year. Demand for the main products during the 4-week period remained mixed, with gasoline supplied averaging 9.2 million barrels per day, down 1.4 percent from the level a year ago, while demand for distillates remained stronger but softened, averaging 4.1 million barrels per day, up 6.1 percent from the same period last year.