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US crude stocks surge to fresh record on distillate, import rise: EIA

Wednesday, March 2, 2016 - 23:52

[NEW YORK] US crude stocks last week rose to a fresh record high for a third straight week as distillate inventories increased unexpectedly and imports grew, data from the Energy Information Administration showed on Wednesday.

Crude inventories rose by 10.4 million barrels in the last week, almost three times more than the 3.6 million-barrel increase expected by analysts.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.2 million barrels, hitting another all-time high, EIA said.

Refinery crude runs rose by 167,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1 percentage point.

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Gasoline stocks fell by 1.5 million barrels, more than a drop of 1.1 million barrels expected in a Reuters poll.

Distillate stockpiles, which include diesel and heating oil, rose by 2.9 million barrels, versus expectations for a 1.2 million-barrel drop, the EIA data showed.

US crude imports rose last week by 502,000 barrels per day.

REUTERS

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