US Crude Inventories Rise Unexpectedly as Product Stocks Fall
US crude oil inventories increased by 2.479 million barrels in the week ending July 31, defying expectations of a 1.5 million barrel draw. Distillate and gasoline stockpiles declined, reflecting ongoing fuel demand.
According to data, US commercial crude oil inventories rose by 2.479 million barrels last week, contrasting with forecasts for a 1.5 million barrel decrease. Stocks at the Cushing, Oklahoma hub also climbed by 2.356 million barrels, adding to the supply overhang.
On the refined products side, distillate fuel inventories fell by 3.473 million barrels, while gasoline stocks dropped by 1.643 million barrels. Both declines were slightly larger than anticipated.
Refinery utilization decreased by 0.70 percentage points, indicating a reduction in processing activity. The mixed report suggests robust crude supplies but continued draws in fuel products, pointing to resilient downstream demand.
Source: First Squawk