EIA: U.S. crude stocks rise with bigger imports, fuel inventories fall
U.S. crude stocks rose as the nation imported more oil, while gasoline and distillate inventories fell last week ahead of summer driving season, the Energy Information Administration (EIA) said on Wednesday.
Crude inventories rose by 3.5 MMbbl to 441.8 MMbbl in the week ended May 9, the EIA said, compared with analysts' expectations in a poll for a 1.1-MMbbl draw.
Net U.S. crude imports rose last week by 422,000 bpd, the EIA said.
Brent and U.S. West Texas Intermediate crude futures extended losses following the data, and both contracts fell around 0.7% at 10:46 a.m. EDT (1446 GMT).
Gasoline and distillate inventories both fell ahead of the start of summer driving season, which typically begins on Memorial Day weekend toward the end of May.
U.S. gasoline stocks fell by 1 MMbbl in the week to 224.7 MMbbl, the EIA said, compared with analysts' expectations in a poll for a 560,000-bbl draw.
Distillate stockpiles, which include diesel and heating oil, fell by 3.2 MMbbl in the week to 103.6 MMbbl, the lowest since April 2005. Analysts had expected a 130,000-bbl rise, the EIA data showed.
"The story here is that the farmers are doing a great job of getting the nation’s crop in the ground," said Phil Flynn, an analyst with Prices Futures Group. "And you're seeing some manufacturing demand come back. Overall, that is supportive."
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 MMbbl last week, the EIA said.
Refinery crude runs rose by 330,000 bpd, the EIA said.
Refinery utilization rates rose by 1.2% in the week.
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