US Total Crude Oil Stocks Fall in Week Ended Dec. 3 on Further SPR Draw

10:43AM ET 12/08/2021 MT Newswires
US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 1.9 million barrels in the week ended Dec. 3 following a decrease of 2.9 million barrels in the previous week.

Excluding inventories in the SPR, crude oil stocks declined by 200,000 barrels after a 900,000 barrel decrease in the previous week, a much smaller decline than the 1.8 million barrel decrease expected in a survey compiled by Bloomberg.

Stocks in the SPR fell by 1.7 million in the week after a 1.9 million draw in the previous week. The SPR will be reduced further in the coming weeks to accommodate President Joseph Biden's decision to release 50 million barrels from the reserve.

Overall crude oil stocks were down 0.2% from the previous week and were 9.4% lower than the same week a year earlier. Crude oil inventories are about 7% below the five-year average for this time of the year.

Gasoline stocks surged by 3.9 million barrels, larger than the 1.7 million barrel increase expected. Gasoline stocks were up 1.8% from the previous week, but still down 7.8% from a year earlier.

Distillate stocks rose by 2.7 million barrels in the current week, compared with an expected increase of 1.4 million barrels. Distillate stocks were up 2.2% from the previous week but were still 16.2% lower than in the same week a year ago.

Refineries operated at 89.8% of their capacity, up from 88.8% in the previous week.