Economic news

US Crude, Gasoline and Distillate Stocks Rose by more than Expected Last Week

Dec 20 (Reuters) - U.S. crude stocks, gasoline and distillate inventories rose last week, the U.S. Energy Information Administration (EIA) said on Wednesday.

Crude inventories rose by 2.9 million barrels in the week to Dec. 15 to 443.7 million barrels, compared with analysts' expectations in a Reuters poll for a 2.3 million-barrel drop.

EIA also said U.S. crude output rose to a record 13.3 million barrels per day (bpd) last week, up from the prior all-time high of 13.2 million bpd.

U.S. and Brent crude futures pared gains on the surprise build in crude stocks and the bigger-than-expected builds in gasoline and distillate inventories, and record weekly crude production.

"Market participants didn’t like the builds in the big three: crude, gasoline and distillate inventories," said Giovanni Staunovo, analyst at UBS, a bank.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.7 million barrels in the last week, EIA said.

Refinery crude runs rose by 403,000 bpd in the last week, EIA said.

Refinery utilization rates rose by 2.2% in the week.

U.S. gasoline stocks rose by 2.7 million barrels in the week to 226.7 million barrels, EIA said, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel rise.​

Distillate stockpiles, which include diesel and heating oil, rose by 1.5 million barrels in the week to 115 million barrels, versus expectations for a 500,000 barrel rise, the EIA data showed.

Net U.S. crude imports fell last week by 117,000 bpd, EIA said.

Reporting by Scott DiSavino in New York and Georgina McCartney in Houston; Editing by Andrea Ricci

Source: Reuters


To leave a comment you must or Join us


More news


Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree