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US crude stocks jump more than expected: EIA
[NEW YORK] US crude stocks rose more than twice expected levels last week as refineries cut output, while gasoline stocks increased and distillate inventories fell, data from the Energy Information Administration showed on Thursday.
Crude inventories rose by 7.7 million barrels in the last week, compared with analysts' expectations for an increase of 3.2 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 3.663 million barrels, EIA said.
Refinery crude runs fell by 122,000 barrels per day, EIA data showed. Refinery utilization rates fell by 1.3 percentage points.
Gasoline stocks rose by 485,000 barrels, compared with analysts' expectations in a Reuters poll for a 167,000 barrels gain.
Distillate stockpiles, which include diesel and heating oil, fell by 3.8 million barrels, versus expectations for a 2.1 million barrels drop, the EIA data showed.
US crude imports fell last week by 181,000 barrels per day.