West Texas Intermediate crude prices surged on Thursday after U.S. crude inventories fell by more than 14 million barrels.
The U.S. Energy Information Administration said on Thursday that U.S. commercial crude inventories fell by 14.5 million barrels to 511.4 million barrels as of September 2.
According to Reuters, the American Petroleum Institute had forecast a 12.5 million barrel inventory dip.
Despite the larger-than-expected draw down, U.S. crude oil inventories are still at historically high levels for this time of the year.
Total motor gasoline inventories fell by 4.2 million barrels last week, but still remain well above the upper limit of the average range.
Distillate fuel inventories added 3.4 million barrels last week and are above the upper limit of the average range for this time of year.
Propane/propylene inventories ticked up by 600,000 barrels last week and are above the upper limit of the average range.
Total commercial petroleum inventories declined by 13.7 million barrels last week.
Total products supplied over the last four-week period averaged 20.7 million barrels per day, a 2.4 percent increase over the same period last year.
Over the last four weeks, motor gasoline product supplied averaged over 9.6 million barrels per day, up by 3.2 percent from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels per day over the last four weeks, a 0.1 percent decline from the same period last year.
U.S. crude oil imports averaged about 7.1 million barrels per day last week, a 1.8 million barrels per day decline from the previous week.
Over the last four weeks, crude oil imports averaged 8.2 million barrels per day, a 7.4 percent year-over-year gain, the EIA said.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 607,000 barrels per day last week.
Distillate fuel imports averaged 108,000 barrels per day for the week ending on September 2.
U.S. crude oil refinery inputs averaged over 16.9 million barrels per day last week, up 315,000 barrels per day from the previous week’s average.
Refineries operated at 93.7 percent of their operable capacity last week.
Gasoline production increased last week, averaging about 10.2 million barrels per day.
Distillate fuel production also increased last week, averaging over 5 million barrels per day, the EIA said.
West Texas Intermediate crude prices jumped more than 3 percent on news of the larger-than-expected inventory decline.
WTI was trading at $47.11 per barrel near noon on Thursday, up from $45.50 at the closing bell on Wednesday.