Surprising Surge in U.S. Crude Oil Stockpiles
The US Energy Information Administration said on Thursday that crude oil inventories rose unexpectedly last week as distillate inventories rose and gasoline inventories fell.
The administration said crude inventories rose 4.5 million barrels in the week ended May 26, compared to analysts’ expectations of a 1.4 million barrel decline, according to a Reuters poll.
The administration said oil inventories at a delivery center in Cushing, Oklahoma, rose 1.6 million barrels last week.
He added that U.S. refinery consumption of crude oil increased by 96,000 barrels per day, while refinery throughput increased by 1.4 points this week.
On the other hand, the administration said last week’s gasoline inventories were down 200,000 barrels, compared with analysts’ expectations in a Reuters poll of a 500,000-barrel decline.
Energy Information Administration data showed that inventories of distillates, including diesel and heating oil, rose by about one million barrels compared to an expected increase of 900,000 barrels.
The administration said net U.S. crude oil imports recorded an increase of one million bpd.