EIA: US crude oil, distillate stockpiles exceed expectations
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(Reuters) US crude oil stockpiles and distillate inventories increased more rapidly than expected last week, according to the US Energy Information Administration (EIA).
Crude inventories rose by 2.3 MMbbl in the week to August 26, compared with expectations for an increase of 921 Mbbl. Distillate stockpiles, which include diesel and heating oil, rose 1.5 MMbbl compared to an expected drop of 157 Mbbl.
Crude stocks hit a seasonal record high for the US Gulf Coast (USGC), the main refining hub for the US, and crude stocks were also at a record on the East Coast, according to US Department of Energy data. Crude stocks at the Cushing, Oklahoma delivery hub for US crude futures fell 1.1 MMbbl, according to the EIA. US crude imports rose last week by 254 Mbpd.
Refining margins are at their weakest seasonally in six years, due in part to decisions made by refiners early in 2016 to produce more gasoline earlier in the season. Gasoline stocks fell 691 Mbbl, compared with Reuters analysts' expectations for a 1.2-MMbbl drop.
Refinery crude runs fell by 64 Mbbl, and refinery utilization rates rose by 0.3%, EIA data showed.
Reporting By David Gaffen; Editing by Marguerita Choy
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