Contrary to Forecasts, Stocks Rise by 3.9 Million Barrels

  • U.S. crude oil inventories increased contrary to analyst forecasts
  • Crude oil stocks rose by 3.9 million barrels to 416.9 million
  • Gasoline stocks increased by 1.1 million barrels to 221.2 million
  • Distillate fuel oil stocks decreased by 1.3 million barrels to 121.6 million
  • Refinery capacity use fell to 87.6% from 90.9%

The Energy Information Administration reported a rise in U.S. crude oil inventories for the week ended September 27, defying analyst expectations. Crude oil stocks, excluding the Strategic Petroleum Reserve, increased by 3.9 million barrels to reach 416.9 million. Analysts surveyed by The Wall Street Journal had predicted a decrease of 500,000 barrels to 412.5 million. Gasoline stocks also rose by 1.1 million barrels to 221.2 million, while distillate fuel oil stocks fell by 1.3 million barrels to 121.6 million. Analysts had anticipated gasoline inventories to decline by 300,000 barrels and distillate fuels to drop by 1.5 million barrels. Refinery capacity use for the same week fell to 87.6%, down from 90.9% reported previously. Analysts had forecasted a decrease of 1.1 percentage points.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about changes in oil inventories, gasoline stocks, distillate fuel oil stocks, and refinery capacity use based on the Energy Information Administration’s report. It also includes forecasted values from analysts for comparison. The information is relevant to the topic and not sensationalized or misleading.
Noise Level: 2
Noise Justification: The article provides a clear and concise summary of the latest data on oil inventories and analyst forecasts, without any irrelevant or misleading information. It presents relevant facts and figures, stays on topic, and supports its claims with specific numbers from the Energy Information Administration report.
Public Companies: The Wall Street Journal (N/A)
Key People: Kirk Maltais (Author)

Financial Relevance: Yes
Financial Markets Impacted: Yes
Financial Rating Justification: The article discusses changes in crude oil inventories and their impact on financial markets through the Energy Information Administration’s report, which can affect the prices of oil stocks and other related assets.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article and it focuses on oil inventory changes and analyst forecasts.
Move Size: No market move size mentioned.
Sector: Energy
Direction: Down
Magnitude: Medium
Affected Instruments: Stocks

Reported publicly: www.marketwatch.com