Friday, June 22, 2018

Crude Stocks Unexpectedly Rise; Gasoline Also Builds - EIA

Posted by June 6, 2018

© Tomasz Zajda/ Adobe Stock

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

Crude inventories rose by 2.1 million barrels in the week to June 1, compared with analysts' expectations for a decrease of 1.8 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 955,000 barrels, EIA said.

Refinery crude runs rose by 214,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.5 percentage points.

Gasoline stocks rose by 4.6 million barrels, compared with analysts' expectations in a Reuters poll for a 587,000-barrel gain.

Distillate stockpiles, which include diesel and heating oil, rose by 2.2 million barrels, versus expectations for a 784,000-barrel increase, the EIA data showed.

Net U.S. crude imports rose last week by 1.2 million barrels per day.

Reporting By David Gaffen

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