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US Total Crude Oil Stocks Rebound in Week Ended Aug. 7

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US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 11.3 million barrels in the week ended Aug. 7 following a decrease of 400,000 barrels in the previous week.

Excluding inventories in the SPR, commercial crude oil stocks rose by 17.4 million barrels after a 2.5-million-barrel increase in the previous week, compared with the 1.8-million-barrel decrease expected in a survey compiled by Bloomberg as of 6:50 am ET.

Stocks in the SPR fell by 6.1 million in the week after falling by 2.8 million in the previous week.

Overall crude oil stocks were up 1.6% from the previous week but were still down 12.9% from a year earlier. Crude oil inventories are about 2% below the five-year average for this time of year.

Gasoline stocks fell by 1 million barrels, compared with the 1.1-million-barrel decrease expected. Gasoline stocks were down 0.5% from the previous week, and down 7.8% from a year earlier.

Distillate stocks held steady in the current week, compared with an expected decrease of 2 million barrels. Distillate stocks were 5.7% lower than in the same week a year ago.

Refineries operated at 96.2% of their capacity, slightly below the 96.5% in the previous week.

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