U.S. crude stocks drop while fuel inventories post large builds, EIA says

U.S. crude stocks fell in the latest week while gasoline and distillate inventories posted big builds, as oil refiners’ utilization climbed to the highest since 2019, the Energy Information Administration said on Wednesday.

Distillate stockpiles, which include diesel and heating oil, rose by 6.2 million barrels in the week to 118.8 million barrels, versus expectations for a 2.2 million-barrel rise, the EIA data showed. The large build came despite the colder winter months typically being a period of higher demand for the product.

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