(Reuters) – U.S. crude oil stockpiles rose modestly, in line with expectations, while gasoline and distillate inventories dipped last week, the Energy Information Administration said on Wednesday.
rose by 501,000 barrels in the week to Oct. 2 to 492.9 million barrels, compared with analysts’ expectations in a Reuters poll for a 294,000-barrel rise.
Production was higher, rising to 11 million barrels per day from 10.7 million bpd in the previous week. That was a surprise to analysts, though that figure is likely to reverse in next week’s report as Hurricane Delta has already caused offshore facilities to shut.
“Domestic production was up 300k which was a bit bearish and may weigh on prices for a bit. Imports were up big 610k barrels and exports were down big. In my opinion those numbers are still being influenced by hurricane activity over the past couple of weeks,” said Bob