HOUSTON, Sept. 19 (Xinhua) -- The U.S. Energy Information Administration (EIA) reported significant draws in U.S. crude oil and gasoline inventories during last week, and both major benchmarks of crude oil increased on Wednesday.
West Texas Intermediate (WTI) for October delivery price settled 1.8 percent higher with the support of high U.S. crude oil exports information released by EIA. While Brent crude for November delivery increased 0.5 percent.
According to the Weekly Petroleum Status Report by EIA, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased 2.06 million barrels during the week ending Sept. 14.
The market's expectation was a draw of 2.7 million barrels in crude oil inventories. EIA also reported a larger than expected draw in the inventories of gasoline, and smaller than expected build in the inventories of distillates.
In the previous week ending Sept. 7, EIA reported a draw of 5.3 million barrels in the U.S. crude oil inventories. The commercial crude oil inventories excluding SPR is 16.6 percent below the levels of the same week last year.
U.S. crude oil refinery inputs averaged 17.42 million barrels per day during last week, which was 442,000 barrels per day lower than the previous week's average. Over the past four weeks, refinery inputs averaged 17.62 million barrels per day which was 14.7 percent higher than the same four-week period of last year.
The big increase in crude oil inputs to refineries from the same period of the last year was due to the fact that Hurricane Harvey hit the Gulf coast a year ago and it caused major disruptions in refinery activities. During the same week last year, crude oil inputs to refineries averaged 15.17 million barrels per day due to Hurricane Harvey.
Refinery utilization is going down as the high demand season is over and the refineries start their seasonal maintenance projects.
U.S. total motor gasoline inventories decreased 1.7 million barrels last week, but still about 8.3 percent above the levels of the same week last year. Distillate fuel inventories increased 0.8 million barrels last week, 0.9 percent above the levels of the same week last year. Total commercial petroleum inventories decreased 400,000 barrels last week.
According to EIA, U.S. total products supplied over the last four-week period averaged 21.38 million barrels per day, up 4.9 percent from the same period last year. Over the past four weeks, motor gasoline supplied averaged 9.70 million barrels per day, up 2.0 percent from the same period last year.
Distillate fuel oil supplied over the last four-week period averaged 4.04 million barrels per day, down 0.8 percent from the same period last year. Over the past four weeks, jet fuel supplied averaged 1.81 million barrels per day, up 5.0 percent from the same period last year.
Meanwhile, EIA reported that the estimated weekly U.S. crude oil production went up 100,000 to 11 million barrels per day during last week.
U.S. crude oil imports averaged 8.02 million barrels per day last week, 433,000 barrels per day higher than the levels of the previous week. Over the past four weeks, crude oil imports averaged 7.70 million barrels per day, 6.9 percent higher than the same four-week period last year.
U.S. crude oil exports averaged 2.37 million barrels per day last week, up 539,000 barrels per day from the previous week.
Oil prices moved upward on Wednesday after official data showed large draw in U.S crude oil and gasoline inventories and lower than expect build in distillates inventories, despite an increase in the U.S. weekly crude oil production.
Analysts said that the new export data about Iranian crude oil led to supply concerns due to the declined level compared with the level in April.
On Wednesday, WTI increased 1.8 percent to settle at 71.12 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 0.5 percent to settle at 79.40 dollars a barrel on the London ICE Futures Exchange.
