Data from the Department of Energy's weekly report, as analyzed by Raymond James, indicate that U.S. petroleum inventories declined by more than analysts expected last week.
The combined total of crude oil, gasoline and distillate stocks registered a draw of 14.5 million barrels, versus a consensus forecast calling for a 4.3 million-barrel reduction. The gap between the actual decline and the estimate reflects substantial moves across the main petroleum categories reported by the DOE.
Crude oil inventories fell by 5.1 million barrels. This outcome contrasted with analyst expectations that had anticipated a 0.2 million-barrel build and with the seasonal forecast of a 3.0 million-barrel draw. The report also shows a 4.1 million-barrel decrease in the Strategic Petroleum Reserve for the week.
Product inventories were similarly lower. Gasoline supplies dropped 6.3 million barrels, a steeper decline than the consensus estimate for a 2.1 million-barrel draw. Distillate inventories fell by 3.1 million barrels, compared with expectations for a 2.4 million-barrel decrease.
Operational indicators in the DOE release moved lower as well. Refinery utilization retreated to 89.6% from 92.0% in the prior week. Total petroleum imports averaged 6.7 million barrels per day, down from 8.2 million barrels per day the week before.
Market pricing expectations as reflected by the futures strip were reported alongside supply data. The 12-month futures strip stood at $79.33 per barrel for West Texas Intermediate and $83.36 per barrel for Brent crude.
These figures together paint a picture of a week in which inventories across crude and refined products tightened more than the market consensus anticipated, while imports and refinery throughput both declined. The DOE's numbers, as interpreted by Raymond James, provide the raw supply and operational metrics that market participants use to assess short-term balances.