U.S. crude stocks up less than expected, distillate jumps sharply

U.S. crude stocks and distillate inventories rose while gasoline inventories fell, the Energy Information Administration said on Wednesday.

Crude inventories rose by 4.6 million barrels in the week to May 1 to 532.2 million barrels, compared with analysts’ expectations in a Reuters poll for a 7.8 million-barrel rise.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.1 million barrels in the last week, EIA said.

Refinery crude runs rose by 215,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 0.9 percentage points on the week.

U.S. gasoline stocks fell by 3.2 million barrels in the week to 256.4 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 43,000-barrel rise.

Distillate stockpiles, which include diesel and heating oil, rose by 9.5 million barrels in the week to 151.5 million barrels, versus expectations for a 2.9 million-barrel rise, the EIA data showed.

Net U.S. crude imports rose last week by 166,000 barrels per day in the last week, EIA said.
Source: Reuters (Reporting By David Gaffen)