US crude inventories rise as exports fall, the EIA says
Adds analyst comment, additional data
By Liz Hampton and Nicole Jao
HOUSTON, Nov 6 (Reuters) -U.S. crude oil stockpiles rose last week as exports declined, while fuel inventories also grew on weaker demand, despite record product exports, the U.S. EnergyInformation Administration (EIA) said on Wednesday.
Crude inventories rose by 2.1 million barrels to 427.7 million barrels in the week ending Nov. 1, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel rise.
Net U.S. crude imports USOICI=ECI rose by 1.7 million barrels per day, as exports fell by 1.4 million bpd to 2.9 million bpd, the EIA said.
Stockpiles atthe Cushing, Oklahoma, delivery hub for U.S. crude futuresUSOICC=ECI rose by 522,000 barrels in the week.
U.S. oil prices, however, were volatile following the bearish report. Brent futures were trading at $75.33, down 19 cents, at 11:24 a.m EST (1624 GMT), after briefly turning positive. West Texas Intermediate crude CLc1 was roughly flat at $72.02 a barrel. O/R
"The big thing is exports were down," said Bob Yawger, director of energy futures at Mizuho. "That oil has no place to go, but other than back up into storage," he added.
Exports of petroleum products out of the U.S., however, hit arecord high of 7.6 million bpd, a 1.3 million-barrel increase.
Product supplied, a proxy for demand, fell in the week to 19.7 million bpd, down 1.9 million bpd.
"Implied oil demand took a hit, sharply down following a sharp increase the week before," said Giovanni Staunovo, an analyst with UBS.
Gasoline stocks USOILG=ECI rose by 412,000 barrels in the week to 211.3 million barrels, the EIA said, compared with analysts' expectations for a 878,000-barreldraw.
Distillate stockpiles USOILD=ECI, which include diesel and heating oil, rose by 2.9 million barrels in the week to 115.8 million barrels, versus expectations for a 1.1 million-barrel drop, the EIA data showed.
Refinery crude runs USOICR=ECI increased by 281,000 bpd, while utilization rates USOIRU=ECI rose by 1.4% percentage points to 90.5% of total capacity, the EIA said.
Reporting by Liz Hampton and Nicole Jao
Editing by Marguerita Choy
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