U.S. crude stocks rose unexpectedly last week, while gasoline stocks decreased and distillate inventories grew, the Energy Information Administration said on Wednesday.
Crude inventories rose by 6.8 million barrels in the last week, compared with analysts’ expectations for an decrease of 2.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.64 million barrels, EIA said. Refinery crude runs rose by 383,000 barrels per day, EIA data showed.
Refinery utilization rates rose by 1.5 percentage points to 98.1 percent, the highest since 1999. The build in crude stockpiles added to downward pressure on crude futures, which had dropped $1 a barrel prior to the report. U.S. crude futures extended losses to more than $2 after the data and was last trading at $64.85.
Gasoline stocks fell by 740,000 barrels, compared with analysts’ expectations in a Reuters poll for a 583,000-barrel drop.
Distillate stockpiles, which include diesel and heating oil, rose by 3.6 million barrels, versus expectations for a 1 million-barrel increase, the EIA data showed.