EIA: U.S. crude and gasoline inventories rise, distillates draw down
U.S. crude oil and gasoline inventories rose unexpectedly last week, while distillate stockpiles fell, the Energy Information Administration (EIA) said on Wednesday.
Crude inventories rose by 3.8 MMbbl to 419 MMbbl in the week ending June 27, the EIA said, compared with analysts' expectations in a poll for a 1.8-MMbbl draw.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.5 MMbbl .
U.S. oil prices pared earlier gains following the unexpected build in inventories, but were still trading in positive territory. U.S. West Texas Intermediate futures CLc1 were trading at $65.75 a barrel, up $0.34 by 10:39 a.m. EDT (1439 GMT), while global benchmark Brent crude futures LCOc1 were up $0.44 at $67.56 a barrel.
Refinery crude runs rose by 118,000 bpd in the week, while refinery utilization rates rose by 0.2% in the week to 94.9%, according to the EIA.
Gasoline stocks rose by 4.2 MMbbl in the week to 232.1 MMbbl, the EIA said, compared with expectations for a 236,000-bbl draw.
Distillate stockpiles, which include diesel and heating oil, fell by 1.7 MMbbl in the week to 103.6 MMbbl, versus forecasts for a 1-MMbbl drop, the EIA data showed.
Net U.S. crude imports rose by 2.94 MMbpd, the EIA said.
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