By Dan Molinski
U.S. crude-oil inventories unexpectedly decreased last week even as refinery activity fell to a 13-week-low, according to data released Wednesday by the Energy Information Administration.
Benchmark U.S. oil prices that were lower before the mostly-bullish report was released remained lower afterward. The Nymex front-month crude contract for March delivery was recently down 0.6% at $87.66 a barrel.
Crude-oil stockpiles fell by 1 million barrels to 415.1 million barrels, and are now about 9% below the five-year average, the EIA said. Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would rise by 1.1 million barrels from the prior week.
Oil stored at Cushing, Okla., the delivery point for U.S. stocks, fell by 1.2 million barrels from the previous week, to 30.5 million barrels, the EIA said in its weekly report.
U.S. crude-oil production fell by 100,000 barrels a day from the previous week to a two-month low of 11.5 million barrels a day, according to the EIA.
Gasoline stockpiles climbed by 2.1 million barrels to 250 million barrels, compared with analysts' expectations for inventories to increase by 1.7 million barrels from the previous week.
Distillate stocks, which include heating oil and diesel fuel, fell by 2.4 million barrels to 122.7 million barrels, and are now about 19% below the five-year average, the EIA said. Analysts were forecasting distillates inventories would fall by 1.6 million barrels from the previous week.
The refining capacity utilization rate dropped by a full percentage point from the previous week to 86.7%, compared with analysts' forecasts for a 0.1 percentage-point decrease.
U.S. oil inventories for the week ended Jan. 28:
Crude Gasoline Distillates Refinery Use EIA data: -1.0 +2.1 -2.4 -1.0 Forecast: +1.1 +1.7 -1.6 -0.1
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.
Write to Dan Molinski at dan.molinski@wsj.com
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February 02, 2022 at 10:45PM
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U.S. Crude-Oil Stockpiles Unexpectedly Decline - MarketWatch
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