Wednesday, October 17, 2018

U.S. Crude Stocks Rise by 8 mln Barrels

Posted by October 3, 2018

© Robert Coy / Adobe Stock

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

Crude inventories rose by 8 million barrels in the week to Sept. 28, compared with analysts' expectations for an increase of 2 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.7 million barrels, EIA said.

Refinery crude runs rose by 77,000 barrels per day, EIA data showed. Refinery utilization rates remained unchanged.

Gasoline stocks fell by 459,000 barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel gain.

Distillate stockpiles, which include diesel and heating oil, fell by 1.8 million barrels, versus expectations for a 1.3 million-barrel drop, the EIA data showed.

Net U.S. crude imports rose last week by 1.1 million barrels per day.

Reporting By David Gaffen

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