US crude stocks rise unexpectedly; gasoline inventories drop: EIA
[NEW YORK] US crude stocks rose unexpectedly last week even as gasoline and distillate inventories fell more than expected, data from the Energy Information Administration showed on Wednesday.
Crude inventories rose by 1.3 million barrels in the week to May 13, compared with analysts' expectations for an decrease of 2.8 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 461,000 barrels, hitting a fresh record high, the data showed.
Refinery crude runs rose by 192,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.4 percentage points.
Gasoline stocks fell by 2.5 million barrels, compared with analysts' expectations in a Reuters poll for a 150,000-barrel drop.
Distillate stockpiles, which include diesel and heating oil, fell by 3.2 million barrels, versus expectations for a 642,000-barrel drop, the EIA data showed.
US crude imports rose last week by 22,000 barrels per day.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil jumps, equities fall as Iran blasts fan Middle East tensions
Gold set for fifth weekly gain as geopolitical risks buoy demand
Oil holds near 3-week low as US sanctions interrupt easing tensions
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
BP reshapes its leadership team as some executives leave
BHP to decide on future of nickel business by August, trims met coal estimates