U.S. crude, fuel stockpiles rise as production returns
U.S. crude oil, gasoline and distillate inventories rose last week as the production rebounded from recent storms, the Energy Information Administration said on Wednesday.
Crude inventories rose by 4.6 million barrels in the week to Sept. 24 to 418.5 million barrels, EIA data showed, compared with analysts' expectations in a Reuters poll for a 1.7 million-barrel drop.
The rebound came as U.S. crude output jumped by 500,000 barrels per day (bpd) to 11.1 million bpd, a level consistent with activity before Hurricane Ida slammed into the U.S. Gulf Coast about a month ago. Production through the spring and summer was between 11.2 million and 11.4 million bpd, according to EIA figures.
Refinery crude runs rose by 68,000 bpd in the last week. Refinery utilization rates rose by 0.6 percentage point to 88.1% of total capacity on the week, Reuters reported.
U.S. oil prices briefly dipped on the news before rebounding to trade around even on the day. U.S. crude was up 17 cents to $75.46 a barrel as of 11:22 a.m. ET (1522 GMT). Brent rose 1 cent to $79.10 a barrel.