Oil prices softened on Wednesday after the release of data showing US crude stockpiles rising more than expected last week, while gasoline inventories declined yet again on top of last week’s record draw.
For the week ending September 15, crude oil inventories rose by 4.6m barrels, versus the smaller 3.5m barrel build that analysts surveyed by Thomson Reuters had expected, according to data from the US Energy Information Administration.
Inventories of motor gasoline — one of the products into which crude is refined — fell by 2.1m barrels, in line with the draw that Wall Street was looking for, and on the heels of their biggest drop on record as suppliers scrambled to replace gallons lost from oil refineries sidelined by Hurricane Harvey.
Distillate fuel inventories, meanwhile, dropped by 5.7m barrels, putting them in the lower half of the average range for this time of year, steeper than the 1.6m draw that analysts predicted.
Crude refinery inputs over the past week average about 15.2m barrels a day, a 1.1m barrel-per-day increase from a week earlier.
The data put downward pressure on oil prices after its release. A barrel of West Texas Intermediate, the US standard, was up 1.44 per cent to $50.62 ahead of the data, and afterwards trimmed its gains to 1.2 per cent, or $50.50. Brent, the international benchmark, had strengthened 1.7 per cent to $56.09 a barrel before the release, and pared that to a 1 per cent increase, or $55.71.
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