US crude stockpiles rose by 3 million barrels last week even as gasoline and distillate supplies fell, the EIA reported. The build defied analyst expectations for a drawdown, while Brent and WTI crude showed little movement after the release.
US crude oil inventories grew by 3 million barrels to 426.4 million barrels in the week ended September 18, the Energy Information Administration said Wednesday. Analysts had expected a 641,000-barrel decline, so the build ran counter to forecasts.
At the Cushing, Oklahoma delivery hub, crude stocks increased by 2.2 million barrels to 23.7 million barrels during the week, the EIA reported.
Global Brent crude futures and US West Texas Intermediate showed little movement after the report's release. Brent traded at $101.64 per barrel, up $2.39, at 10:37 a.m. ET. WTI, meanwhile, rose $1.31 per barrel to $91.83.
Refinery crude runs decreased by 519,000 barrels per day during the week, the EIA reported. Utilization rates dropped by 2.8 percentage points to 94%.
Gasoline stocks, meanwhile, fell by 1.7 million barrels to 206 million barrels, compared with analyst expectations for a 0.1 million-barrel increase. Distillate stockpiles, which include diesel and heating oil, declined by 0.4 million barrels to 107.4 million barrels, against a forecast 0.6 million-barrel drop.
Source: Investing.com
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