EIA: US crude stockpiles rise in week, defying expectations
NEW YORK (Reuters) — US crude stocks rose unexpectedly last week as imports increased, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday.
Crude inventories rose by 2.2 MMbbl in the last week, compared with analysts’ expectations for a decrease of 2.9 MMbbl.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 720,000 bbl, EIA said.
Refinery crude runs rose by 290,000 bpd, EIA data showed. Refinery utilization rates rose by 1.5 percentage points.
Gasoline stocks fell by 3.3 MMbbl, compared with analysts’ expectations in a Reuters poll for a 1.9-MMbbl drop.
Distillate stockpiles, which include diesel and heating oil, fell by 3.4 MMbbl, versus expectations for a 1.4-MMbbl drop, the EIA data showed.
US crude imports rose last week by 1.07 MMbpd.
Reporting by Jessica Resnick-Ault
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