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U.S. crude stocks rise unexpectedly on emergency reserve release

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U.S. crude inventories rose by three million barrels in the last week to 462.6 million barrels

U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.

Crude inventories rose by 3 million barrels in the last week to 462.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 0.9 million-barrel drop. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 397,000 barrels in the week to May 5, EIA said.Refinery utilization rates rose by 0.3 percentage points in the week.

U.S. gasoline stocks fell by 3.2 million barrels in the week to 219.7 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.2 million-barrel drop. Distillate stockpiles, which include diesel and heating oil, fell by 4.2 million barrels in the week to 106.2 million barrels, versus expectations for a 0.8 million-barrel drop, the EIA data showed.

 

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