EIA: U.S. crude, gasoline stockpiles rise last week

U.S. crude oil and gasoline inventories rose last week as production rebounded as more offshore oil facilities returned from last month’s storm-related shut-ins, the Energy Information Administration said on Wednesday.

Crude inventories (USOILC=ECI) rose by 2.3 million barrels in the week to Oct. 1 to 420.9 million barrels, compared with analysts’ expectations in a Reuters poll for a 418,000-barrel drop.

Output was also higher, rising 200,000 barrels per day (bpd) to 11.3 million bpd in the most recent week. That is not far from pandemic-era highs for U.S. crude production, even though weekly figures are considered less reliable than lagging monthly data.

Product supplied by refineries, a proxy for fuel demand, was 20.7 million bpd over the past four weeks, roughly in line with pre-pandemic levels of demand.

U.S. gasoline stocks (USOILG=ECI) rose by 3.3 million barrels in the week to 225.1 million barrels.
Net U.S. crude imports (USOICI=ECI) rose by 1.4 million bpdto 4.9 million bpd, their highest since July 2020, according to EIA data.