Overview
U.S. crude oil inventories expanded by 2.5 million barrels to 407 million barrels for the week ended July 31, based on Energy Information Administration reporting. The reported build was larger than market expectations, which had anticipated a 1.5 million-barrel draw.
Storage and hub details
Crude stocks held at the Cushing, Oklahoma delivery hub increased by 2.4 million barrels during the same reporting period. The EIA figures indicate a concentrated rise at that key storage and delivery point.
Refinery activity
Refinery crude input declined by 183,000 barrels per day for the week, and refinery utilization rates dipped by 0.7 percentage points to 96.5%. Those operational shifts coincided with the build in crude inventories reported by the EIA.
Petroleum product inventories
Gasoline stocks fell by 1.6 million barrels to a total of 209.7 million barrels, a decrease slightly larger than the market's expected drop of 1.3 million barrels. Distillate supplies - which include diesel and heating oil - declined by 3.5 million barrels to 107.2 million barrels, contrasting with forecasts that had pointed to a gain of 206,000 barrels.
Trade flows
Net U.S. crude imports rose over the reported week, increasing by 297,000 barrels per day. The shift in import flows occurred alongside the changes in stocks and refinery throughput captured in the EIA release.
Takeaway
The weekly EIA snapshot shows a simultaneous build in overall crude inventories and a fall in product stocks, paired with lower refinery runs and higher crude inflows. Those combined data points form the factual basis for assessing near-term supply dynamics in crude and refined fuels.
Note: All figures are taken from the EIA weekly report for the week ended July 31 as reported above.