The Energy Information Administration reported on Wednesday a rise in U.S. crude oil, gasoline, and distillate inventories last week.
Crude oil stocks increased by 3.9 million barrels, reaching 424.6 million barrels by the week ending September 5, surpassing analysts’ expectations of a 1 million-barrel decrease according to a Reuters survey.
However, crude inventories at the Cushing, Oklahoma delivery point dropped by 365,000 barrels, the EIA reported.
Refinery crude processing rates decreased by 51,000 barrels per day, while the utilization rate improved by 0.6 percentage points to 94.9%, as per the EIA.
U.S. gasoline inventories climbed by 1.5 million barrels to total 220 million barrels, contrary to analysts’ predictions of a 0.2 million-barrel decrease as indicated in a Reuters poll.
Distillate inventories, which include diesel and heating oil, rose by 4.7 million barrels to 120.6 million barrels, exceeding the forecasted 35,000-barrel increase, according to EIA data.
Last week, net U.S. crude oil imports increased by 668,000 barrels per day, the EIA stated.
