US Crude Inventories Rise Unexpectedly

U.S. crude stocks rose unexpectedly last week on a bigger-than-expected build in distillate and gasoline inventories and higher imports, data from the Energy Information Administration showed on Wednesday.

 

Crude inventories rose by 2.6 million barrels in the last week, compared with analysts' expectations for an decrease of 2.5 million barrels.

 

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 892,000 barrels to a record, EIA said.

 

Refinery crude runs rose by 214,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.3 percentage points.

 

Gasoline stocks rose by 925,000 barrels, compared with analysts' expectations in a Reuters poll for a 896,000-barrel gain.

 

Distillate stockpiles, which include diesel and heating oil, rose by 1.8 million barrels, versus expectations for a 1.0 million-barrel increase, the EIA data showed.

 

U.S. crude imports rose last week by 566,000 barrels per day.


(Reporting by Josephine Mason)