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US crude and gasoline stocks swelled more than expected: EIA

[NEW YORK] US crude and gasoline stocks jumped more than expected last week, while distillate inventories fell, data from the Energy Information Administration showed on Wednesday.

Crude inventories rose by 7.8 million barrels in the last week, compared with analysts' expectations for an increase of 4.8 million barrels, as imports jumped and refiners trimmed throughput. US Gulf Coast crude stocks rose to the highest on record since 1990.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 747,000 barrels, EIA said.

Refinery crude runs fell by 24,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.8 percentage points.

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Gasoline stocks rose by 5.9 million barrels, compared with analysts' expectations in a Reuters poll for a 1.7 million barrels gain.

Distillate stockpiles, which include diesel and heating oil, fell by 777,000 barrels, versus expectations for a 1.1 million barrels drop, the EIA data showed.

US crude imports rose last week by 647,000 barrels per day.

REUTERS

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