By Anthony Harrup


U.S. crude oil inventories fell more than expected last week, and product stocks saw large builds as refineries raised their capacity use at the start of the summer driving season, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 4.3 million barrels to 436.1 million barrels in the week ended May 30, and were about 7% below the five-year average for the time of year, the EIA said. Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 1.3 million barrels.

Oil held in the SPR was up by 509,000 barrels at 401.8 million barrels. Oil stored at Cushing, Okla., the Nymex delivery hub, rose by 576,000 barrels to 24.1 million barrels .

The EIA estimated U.S. crude oil production at 13.4 million barrels a day, virtually unchanged from the previous week. Crude imports were steady at 6.3 million barrels a day, while exports fell by 394,000 barrels a day to 3.9 million barrels a day.

Refinery capacity use jumped to 93.4% from 90.2% the week before, with crude inputs to refineries rising to 17 million barrels a day from 16.3 million barrels a day. Refinery runs were forecast to have risen by 0.8 of a percentage point in the Journal survey.

Gasoline inventories increased by 5.2 million barrels to 228.3 million barrels and were 1% below the five-year average, the EIA said. Gasoline demand was down by 1.2 million barrels a day at 8.3 million barrels a day. Gasoline stocks were forecast to have fallen by 400,000 barrels.

Distillate fuel stocks rose by 4.2 million barrels to 107.6 million barrels, compared with an expected build of 500,000 barrels, and were 16% below the five-year average. Distillate demand was down by 741,000 barrels a day at 3.2 million barrels a day. 


 
Change in U.S. oil inventories for the week ended May 30: 
 
                   Crude       Gasoline      Distillates         Refinery Use 
EIA data:          -4.3           5.2            4.2                  3.2 
Forecast:          -1.3          -0.4            0.5                  0.8

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.


Write to Anthony Harrup at anthony.harrup@wsj.com


(END) Dow Jones Newswires

06-04-25 1110ET