US crude oil stockpiles rise as production hits record

Core Insights - U.S. crude oil inventories increased more than expected due to record high production and falling exports [1][2] Inventory and Production - Commercial crude oil stocks rose by 6.4 million barrels to 427.6 million barrels, approximately 4% below the five-year average for this time of year [2] - U.S. crude oil production reached a record high of just under 13.9 million barrels per day, increasing by 211,000 barrels per day [3] - Crude imports decreased by 703,000 barrels per day to 5.2 million barrels per day, while exports fell by 1.6 million barrels per day to 2.8 million barrels per day [3] Refinery and Demand - Refinery capacity utilization increased by 3.4 percentage points to 89.4%, surpassing expectations of a 0.6 percentage-point increase [6] - Crude input to refineries rose by 717,000 barrels per day to 16 million barrels per day [6] - Gasoline inventories fell by 945,000 barrels to 205.1 million barrels, which is 4% below the five-year average, with gasoline demand averaging 9 million barrels per day, up by 145,000 barrels per day from the previous week [8] - Distillate fuel stocks decreased by 637,000 barrels to 110.9 million barrels, 8% below the five-year average [9]