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US crude inventories soar above five-year seasonal average: EIA
[NEW YORK] US crude stocks rose last week, remaining high above the five-year seasonal average, while gasoline stocks decreased and distillate inventories rose, data from the Energy Information Administration showed on Wednesday.
Crude inventories rose by 2.5 million barrels in the last week, compared with analysts' expectations for an decrease of 2.3 million barrels. Increases were seen in all regions except for the West Coast, where inventories fell by 762,000 barrels.
The total inventories rose to 463.89 million barrels, over 100 million barrels above the five-year seasonal average for this week.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 813,000 barrels, EIA said.
Refinery crude runs rose by 45,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.2 percentage points.
Gasoline stocks fell by 1.7 million barrels, compared with analysts' expectations in a Reuters poll for a 925,000-barrel gain.
Distillate stockpiles, which include diesel and heating oil, rose by 235,000 barrels, versus expectations for a 1.8-million-barrel increase, the EIA data showed.
U.S. crude imports rose last week by 587,000 barrels per day.