Tuesday, May 22, 2018

US Oil Stocks Rise, Refining Rates Cut - EIA

Posted by February 14, 2018

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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 1.8 million barrels in the week to Feb. 9, compared with analysts' expectations for an increase of 2.8 million barrels.


Crude stocks at the Cushing, Oklahoma, delivery hub fell by 3.6 million barrels, EIA said.


Refinery crude runs fell by 635,000 barrels per day, EIA data showed. Refinery utilization rates fell by 2.7 percentage points.


Gasoline stocks rose by 3.6 million barrels, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel gain.


Distillate stockpiles, which include diesel and heating oil, fell by 459,000 barrels, versus expectations for a 1.1 million-barrel drop, the EIA data showed.


Net U.S. crude imports fell last week by 39,000 barrels per day.

Reporting By David Gaffen

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