EIA: U.S. crude, gasoline inventories rise, distillates draw down
U.S. crude oil and gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, the Energy Information Administration (EIA) said on Wednesday.
Crude inventories rose by 545,000 bbl to 430.3 MMbbl in the week ended Nov. 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 138,000-bbl rise.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 140,000 bbl in the week, the EIA said.
Net U.S. crude imports rose last week by 237,000 bpd to 3.3 MMbpd, with imports to the Gulf Coast hitting 2 MMbpd, the highest since July 2020, the EIA said.
"The report is modestly negative, with builds across key petroleum products," said Giovanni Staunovo, an analyst with UBS. The build in crude stockpiles was only modest, he added.
Brent crude futures extended losses while U.S. crude edged higher after the larger-than-expected build.
Refinery crude runs fell by 281,000 bpd, the EIA said, while refinery utilization rates fell by 1.2% in the week.
Gasoline stocks rose by 2.1 MMbbl in the week to 208.9 MMbbl, the EIA said, compared with expectations for a 900,000-bbl build.
U.S. gasoline futures extended gains after the data was released.
Distillate stockpiles, which include diesel and heating oil, fell by 100,000 bbl in the week to 114.3 MMbbl, versus expectations for a 20,000-bbl decline.
Midwest distillate fuel stockpiles fell last week to 25.3 MMbbl, its lowest since November 2023, the EIA said.
U.S. heating oil futures, last down 0.07%, were unchanged after the data showed larger draw.
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