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US crude stocks rise unexpectedly as refineries cut output

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US crude stocks rose last week as refineries cut output, while gasoline and distillate stocks rose modestly, the US Energy Information Administration said on Wednesday.

[NEW YORK] US crude stocks rose last week as refineries cut output, while gasoline and distillate stocks rose modestly, the US Energy Information Administration said on Wednesday.

Crude inventories rose by 2.5 million barrels in the last week, compared with expectations for a decrease of 455,000 barrels.

Refinery crude runs fell by 186,000 barrels per day, EIA data showed. Refinery utilization rates fell by 1 percentage point.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 375,000 barrels, EIA said.

Gasoline stocks were up by 36,000 barrels, compared with expectations in a Reuters poll for a 1.2 million-barrel drop.

Distillate stockpiles, which include diesel and heating oil, rose by 122,000 barrels, versus expectations for a 400,000-barrel increase, the EIA data showed.

US crude imports rose last week by 449,000 barrels per day.

REUTERS

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