April 11, 2018
US commercial crude inventories were on the rise last week according to weekly figures from the Energy Information Administration (EIA) released Wednesday.
Stockpiles were up 3.3 million barrels in the week ended April 6, surprising analysts who had expected anywhere from a decrease of 189,000 barrels to a modest increase of 250,000 barrels.
The 3.3 million figure is almost twice the estimate given by the American Petroleum Institute on Tuesday of a 1.76 million barrel increase.
One reason: net U.S. crude imports increased by 1.7 million barrels a day, reaching 8.65 million.
The overall four-week average of U.S. imports, however, has been stable from the same period a year ago.
The EIA said weekly production was above 10.5 million barrels per day for the first time, and refinery runs were up by 83,000 barrels a day.
Refinery utilization increased by 0.5%, with overall capacity utilization now at 93.5%, the highest since 2005, seasonally adjusted.