U.S. crude inventories surged by nearly 14 million barrels last week on higher oil imports.
The U.S. Energy Administration Information said on Wednesday that U.S. commercial crude oil inventories increased by 13.8 million barrels from the previous week.
U.S. crude inventories stood at 508.6 million barrels as of the end of last week, up from 470.7 million barrels during the same week last year.
Last week’s gain pushed U.S. crude inventories “above the upper limit of the average range for this time of year,” the EIA said.
U.S. crude oil imports averaged about 9.4 million barrels per day last week, a 1.1 million barrels per day gain from the previous week.
Over the last four weeks, crude oil imports averaged about 8.5 million bpd, a 10 percent gain compared to the same four-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components last week averaged 811,000 bpd.
Distillate fuel imports averaged 209,000 bpd last week.
Total motor gasoline inventories decreased by 900,000 barrels last week, but remain above the upper limit of the average range.
U.S. crude oil refinery inputs averaged 15.9 million bpd last week, a 54,000 bpd decline from the previous week’s average.
Refineries operated at 87.7 percent of their operable capacity last week, the EIA said.
Gasoline production increased last week to an average 9.8 million bpd.
Distillate fuel production also rose last week to an average of 4.8 million bpd.
Propane/propylene inventories fell 6.9 million barrels last week and are in the “middle of the average range,” the EIA said.
Total commercial petroleum inventories increased by 1.4 million barrels last week to end the week at 2.044 billion barrels during the same period last year.