US crude, distillate inventories rise, gasoline draw down, EIA says
Updates include the price reaction and background data on refineries. The Energy Information Administration reported on Wednesday that U.S. crude oils and distillates inventories increased last week while gasoline stocks fell.
The EIA reported that crude inventories increased by 7.7 millions barrels, to 426.7million barrels for the week ending on July 25. This was compared to analysts' expectations based on a poll of a 1.3million-barrel draw.
The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, rose by 690 000 barrels.
Crude futures dipped after the large and unexpected buildup, but recovered. Brent crude futures traded at $72.44 per barrel at 10:38 am EDT (1439 GMT), up 26 cents, while U.S. West Texas Intermediate (WTI), futures rose 28 cents to $69.49.
The refinery crude run fell by 25,000 barrels a day while the utilization rate fell by 0.1% in the last week to 95.4%.
The EIA has corrected the data from last week's refinery.
The utilization rate for the Rocky Mountain Region in the last few weeks is inaccurate, according to the report. The error was due to capacity data from the April Petroleum Supply Monthly, which appeared at the end June. EIA will correct the error in its next PSM, which is due on July 31.
The EIA reported that gasoline stocks dropped by 2.7m barrels last week, to 228.4m barrels. Analysts had expected a 600k barrel draw. ?
The data revealed that distillate stocks, which includes diesel and heating oil rose by 3.6 millions barrels last week, as opposed to expectations of a 300,000.
The EIA reported that net U.S. crude oil imports increased by 1,32 million barrels a day. Reporting by Liz Hampton, Denver; Editing and proofreading by Marguerita Chôy
(source: Reuters)
