US crude oil stockpiles climb 17.4 million barrels, defying expectations

U.S. commercial crude oil inventories rose by roughly 17.4 million barrels during the week ending August 7 to 424.4 million barrels, the highest level since June 5, according to the U.S. Energy Information Administration. The build surprised analysts, who had forecast a 1.4 million barrel decline, and marked the largest weekly increase since January 2023. Stocks at the Cushing delivery point in Oklahoma also climbed by 1.6 million barrels. Following the data release, futures contracts for West Texas Intermediate and Brent crude both moved lower. Refinery crude oil throughput rose by 26,000 barrels from the prior week, though utilization rates edged down about 0.3 percentage points. Gasoline inventories fell by 1 million barrels to 208.7 million barrels, while distillate stocks, which include diesel and heating oil, slipped by roughly 10,000 barrels to 107.1 million barrels. U.S. net crude oil imports rose by 1.77 million barrels per day over the same period, according to the EIA figures.