Chevron’s El Segundo refinery in California. The U.S. refinery capacity utilization rate jumped last week.
Photo: Kyle Grillot/Bloomberg NewsU.S. stockpiles of crude oil dropped by 10.6 million barrels last week, the largest such fall this year, after refinery activity picked up much more speed than expected.
The refinery capacity utilization rate jumped 1.6 percentage points to 79.5%, more than the 0.3-point rise analysts had forecasts, while motor gasoline supplied to the market, a proxy for demand, rose to 8.8 million barrels a day, a four-month high.
Coronavirus lockdowns had cut into demand for fossil fuels as planes were grounded and people were restricted in their automobile travel. The unexpectedly large drawdown of crude inventories and increase in refinery activity suggests the industry is preparing for greater demand for fuel.
Crude-oil stockpiles fell to 526 million barrels, about 17% above the five-year average, according to data released Wednesday by the Energy Information Administration. Analysts surveyed by The Wall Street Journal had expected a 600,000-barrel decline.
Gasoline stockpiles rose by 654,000 barrels to 247.4 million barrels, while analysts were expecting a 1.4-million-barrel decline.
Benchmark U.S. oil prices, which were moderately higher before the data were released, added slightly to those gains afterward. The Nymex front-month crude contract for September delivery was recently up 0.8% at $41.36 a barrel.
Write to Dan Molinski at Dan.Molinski@wsj.com
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