US Oil Inventories Rise Last Week, Data Shows

The US Energy Information Administration (EIA) announced today an increase in crude oil, gasoline, and distillate inventories in the US over the past week. The EIA, which serves as the statistical arm of the US Department of Energy, said in a report that crude oil inventories rose by 833,000 barrels to reach 419.1 million barrels last week, compared to expectations of a 987,000-barrel increase. It also added that crude oil stocks at the delivery hub in Cushing, Oklahoma, fell by 1.7 million barrels, while refinery crude runs decreased by 141,000 barrels per day. Refinery utilization rates dropped by 0.5 percentage points last week. The report noted that gasoline inventories in the US increased by 2.3 million barrels to 221.6 million barrels, compared to expectations of a 0.1 million barrel decrease. Additionally, the EIA highlighted that distillate fuel inventories, including diesel and heating oil, rose by 2.3 million barrels last week to 125 million barrels, against expectations of a 0.3 million barrel ri se. US net crude oil imports also increased by 1.53 million barrels per day. Source: Qatar News Agency