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Markets

US crude stocks up, gasoline, distillate supply drops

Published Updated

US crude stocks rose last week as refineries hiked output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.

Crude inventories rose by 5 million barrels in the week to March 9, compared with analysts' expectations for an increase of 2 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 338,000 barrels, EIA said.

Refinery crude runs rose by 432,000 barrels per day, EIA data showed. Refinery utilization rates rose by 2 percentage points.

Gasoline stocks fell by 6.3 million barrels, 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 4.4 million barrels, versus expectations for a 1.5 million-barrel drop, the EIA data showed.

Net US crude imports fell last week by 407,000 barrels per day.

Copyright Reuters, 2018

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