U.S. crude inventories added over 1 million barrels last week, disappointing analysts who had expected a million barrel draw down.
According to the U.S. Energy Information Administration, U.S. crude inventories grew by 1.1 million barrels, excluding the Strategic Petroleum Reserve, during the week of August 5 to 523.6 million barrels.
U.S. crude inventories are now at “historically high levels for this time of year,” the EIA said.
Analysts polled by Reuters had expected a 1 million barrel draw down for the week.
The American Petroleum Institute, an industry trade group, had anticipated crude inventories to add 2.2 million barrels last week, Reuters added.
Total commercial petroleum inventories grew by 2.5 million barrels last week.
U.S. crude oil refinery inputs averaged 16.6 million barrels per day last week, a 255,000 barrels per day decline from the previous week’s average.
Refineries operated at 92.2 percent of their operable capacity last week.
Gasoline production increased to an average of 10.1 million barrels per day last week while distillate fuel production decreased to an average of over 4.7 million barrels per day.
Total motor gasoline inventories decreased by 2.8 million barrels last week, but are still “well above the upper limit of the average range,” the agency said.
Both finished gasoline inventories and blending components inventories declined last week.
Distillate fuel inventories fell by 2 million barrels but are still near the upper limit of the average range for this time of year, according to the EIA.
Total products supplied over the last four-week period averaged about 20.8 million barrels per day, a 1.9 percent year-over-year increase.
Motor gasoline product supplied over the last four weeks averaged about 9.8 million barrels per day, up by 1.7 perncet year-over-year.
Distillate fuel product supplied averaged over 3.8 million barrels per day over the last four weeks, a 2.4 perncet increase from the same period last year.
U.S. crude oil imports averaged 8.4 million barrels per day last week, a 334,000 barrels per day decrease from the previous week.
Over the last four weeks, crude oil imports averaged over 8.4 million barrels per day, an 11.5 percent year-over-year increase, the agency said.