U.S. Crude Stocks Jump
U.S. crude stocks rose last week as refineries cut output, while gasoline stocks and distillate inventories fell, the Energy Information Administration said on Wednesday.
Crude inventories rose by 8.2 million barrels in the last week, compared with analysts’ expectations for an increase of 2 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 867,000 barrels, EIA said.
Refinery crude runs fell by 172,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.1 percentage points.
Gasoline stocks fell by 6.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.4 million-barrel drop.
Distillate stockpiles, which include diesel and heating oil, fell by 2.7 million barrels, versus expectations for a 900,000-barrel drop, the EIA data showed.
U.S. crude imports rose last week by 385,000 barrels per day.