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U.S. oil stockpiles rise more than expected - EIA
January 22, 2015 / 4:06 PM / 3 years ago

U.S. oil stockpiles rise more than expected - EIA

NEW YORK, Jan 22 (Reuters) - U.S. crude stocks rose much more than expected last week as refineries cut output, while gasoline stocks increased and distillate inventories fell, data from the Energy Information Administration showed on Thursday.

Crude inventories rose by 10.1 million barrels in the last week, compared with analysts’ expectations for an increase of 2.6 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.909 million barrels, EIA said.

Refinery crude runs fell by 984,000 barrels per day, EIA data showed. Refinery utilization rates fell by 5.5 percentage points.

Gasoline stocks rose by 588,000 barrels, compared with analysts’ expectations in a Reuters poll for a 1.2 million barrels gain.

Distillate stockpiles, which include diesel and heating oil, fell by 3.3 million barrels, versus expectations for a 250,000 barrels increase, the EIA data showed.

U.S. crude imports fell last week by 274,000 barrels per day. (Jessica Resnick-Ault)

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