U.S. crude stockpiles surge to highest level this year - Weekly Petroleum Status Report - EIA

U.S. crude stocks rose last week as refineries cut output, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday.


Crude inventories rose by 6.2 million barrels in the week to April 27, compared with expectations for an increase of 739,000 barrels.


Crude stocks at the Cushing, Oklahoma, delivery hub rose by 416,000 barrels, EIA said. Refinery crude runs fell by 60,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.3 percentage points.


Gasoline stocks rose 1.2 million barrels, compared with analysts’ expectations in a Reuters poll for a 587,000-barrel drop.


Distillate stockpiles, which include diesel and heating oil, fell by 3.9 million barrels, versus expectations for a 1.4 million-barrel drop, the EIA data showed.


Net U.S. crude imports rose last week by 263,000 barrels per day.