NEW YORK (DTN) -- After trading mixed, spot-month oil futures on the New York Mercantile Exchange moved higher across the board in the aftermath of the Energy Information Administration's release of its Weekly Petroleum Status Report for the week-ended Feb. 3 showing another staggering increase in domestic crude oil supply while products data were supportive.
EIA reported a 13.8 million bbl surge in commercial crude stockpiles for the week profiled, far surpassing an expected build of 2.7 million while below the American Petroleum Institute's 14.2 million bbl build reported late Tuesday afternoon.
NYMEX March West Texas Intermediate futures advanced despite the massive increase in inventory, offset to a degree by higher demand for oil products, while a sizeable portion of the crude build was due to a surge in imports that will likely not be repeated in the coming weeks. U.S. crude oil imports jumped 1.082 million bpd to a 52-month high of 9.372 million bpd.
The U.S. refinery run rate declined 0.5% to a three-month low at 87.4% of capacity, although crude inputs declined by 54,000 bpd to 15.893 million bpd, 383,000 bpd or 2.5% above the comparable year-ago period suggesting refiner demand for crude will remain strong against historical data despite approaching seasonal maintenance.
Also lending price support was a 631,000 bpd surge in implied demand to 8.941 million bpd, the highest rate of gasoline supplied to market since the week before Christmas. Implied distillate demand increased 101,000 bpd to a 3.910 million bpd three-week high during the week-ended Feb. 3, aided by a 217,000 bpd increase in exports to 1.097 million bpd.
Total product supplied to market jumped 1.507 million bpd to a 20.814 million bpd 2-1/2 month high during the week reviewed, with exports up 641,000 bpd to a 5.381 million bpd six-week high.
Near 11:30 AM ET, NYMEX March WTI futures were up 24cts at $52.41 bbl, reversing off a $51.22 two-week low, and ICE April Brent crude oil futures had gained 28cts to $55.33 bbl, reversing off a $54.44 two-week spot low. NYMEX March ULSD futures advanced 1.69cts to $1.6390 gallon, having rebounded from a $1.6028 one-week spot low, and March RBOB futures rallied 3.49cts to $1.5224 gallon, reversing from a better than two-month spot low of $1.4650.
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