US gasoline inventories rise more than expected, but distillate fuels fall
1/22/2016 12:00:00 AM
US crude and gasoline stockpiles rose more than expected last week, according to new data from the Energy Information Administration (EIA).
However, inventories of distillate fuels showed a decline.
Crude inventories rose by 4 million bbl for the week, compared with analysts' expectations for an increase of 2.8 million bbl. Oil inventories climbed to the highest level since 1990.
Crude stocks at the delivery hub of Cushing, Oklahoma, rose by 191,000 bbl, the EIA said.
The increase came as refiners reduced their run rates. On the whole, refinery crude runs fell by 233,000 bpd, EIA data showed. Refinery utilization rates fell by 0.6 percentage points.
Gasoline stocks rose by 4.6 million bbl, compared with analysts' expectations for a gain of 1.4 million bbl, according to a Reuters poll.
Distillate stockpiles, which include diesel and heating oil, fell by 1.0 million bbl, versus expectations for a 133,000 bbl increase.
Comments