US crude oil inventories up by 0.7% for week ending Aug. 8

US commercial crude oil inventories increased by 0.7% during the week ending Aug. 8, according to data released by the Energy Information Administration (EIA) late Wednesday.

Inventories rose by around 3 million barrels to 426.7 million barrels, contrasting with a forecasted fall of 900,000 barrels.

Strategic petroleum reserves, which are excluded from commercial crude stocks, increased by 200,000 barrels to 403.2 million barrels, the data revealed.

Over the same period, gasoline inventories decreased by approximately 800,000 barrels to 226.3 million barrels.

– Crude production rises

EIA data showed that US crude oil production increased by 43,000 barrels per day (bpd) to about 13.33 million bpd during the week ending Aug. 8.

US crude oil imports rose by 958,000 bpd to approximately 6.92 million bpd, while exports rose by 259,000 million bpd to around 3.58 million bpd over the same period.

In the Short-Term Energy Outlook (STEO) released on August 12, the EIA projected that crude oil output in the country would average 13.41 million bpd in 2025.

• Energy Information Administration (EIA)
• Short-Term Energy Outlook (STEO)