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US crude stocks soar while gasoline falls more than expected: EIA

Wednesday, April 13, 2016 - 23:32

[NEW YORK] US crude stocks rose last week, soaring more than three as much as expected, even as gasoline inventories fell more than expected, while distillate stockpiles built, data from the Energy Information Administration showed on Wednesday.

Crude inventories rose by 6.6 million barrels in the last week, compared with analysts' expectations for an increase of 1.9 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.8 million barrels, EIA said.

Refinery crude runs fell by 492,000 barrels per day, EIA data showed. Refinery utilization rates fell by 2.2 percentage points.

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Gasoline stocks fell by 4.2 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, rose by 505,000 barrels, versus expectations for a 281,000-barrel increase, the EIA data showed. In the midwest, distillate stocks rose 471,000 barrels to their highest level on record.

US crude imports rose last week by 686,000 barrels per day.

REUTERS

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