US Crude Oil Inventories Rise 17.4M Barrels

U.S. commercial crude oil inventories increased by 17.4 million barrels during the week ending August 7, reaching 424.4 million barrels, although they are still about 2% below the five-year average for the same period. This was accompanied by an increase in oil imports by 1.14 million barrels per day to reach 7.3 million barrels daily, and refinery activity rose to 96.2% of capacity. Conversely, gasoline inventories declined by 6%, and distillate fuel inventories decreased by 12%, while propane and propylene inventories rose by 31%. Overall, weekly petroleum stocks increased by 15.7 million barrels, with further declines in gasoline demand and production compared to the previous week, despite an increase in demand for distillates and jet fuel.

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