US residual fuel oil stocks rose by 1.158 million barrels to 37.699 million barrels, the fourth straight week stocks have seen a build, and their highest level since June 20, US Energy Information Administration data showed Wednesday.
US residual fuel oil implied demand rose 12,000 b/d for the week ended Friday, ending a three-week stretch of record-low implied demand, EIA data shows.
Implied demand for the week ended Friday totaled 137,000 b/d, in line with the four-week average of 136,000 b/d, though still well below the 342,000 b/d four-week average in 2013.
Fuel oil imports rose 80,000 b/d to 210,000 b/d, the fourth time in the last five weeks imports have been above 200,000 b/d. Imports on the US Gulf Coast doubled to 88,000 b/d.
Total number of fuel oil supply days fell from an all-time record high of 292 one week ago.
Fuel oil production moved up 1.1% to 471,000 b/d, its highest since the week ended May 30, and more than three times the weekly consumption figure.
US West Coast fuel oil stocks rose to 5.91 million barrels, their highest since September 2011.
