Wednesday, March 21, 2018

Crude Stocks Jump, Gasoline, Diesel Fall on Harvey Impact

Posted by September 13, 2017

U.S. crude stocks rose sharply last week as refinery output continued to fall in the wake of Hurricane Harvey, causing gasoline stocks and distillate inventories to drop as well, the Energy Information Administration said on Wednesday.

Crude inventories rose by 5.9 million barrels in the week to Sept. 8, compared with analysts' expectations for an increase of 3.2 million barrels.

Refinery crude runs fell by 394,000 barrels per day, EIA data showed. Refinery utilization rates fell by 2 percentage points.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1 million barrels, EIA said.

Gasoline stocks fell by 8.4 million barrels, compared with analysts' expectations in a Reuters poll for a 2.1 million-barrel drop.

Distillate stockpiles, which include diesel and heating oil, fell by 3.2 million barrels, versus expectations for a 1.5 million-barrel drop, the EIA data showed.

U.S. crude imports fell last week by 1.2 million barrels per day.
Reporting By David Gaffen

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