US crude oil, gasoline and distillate inventories rose last week, contrary to expectations.
The US Energy Information Administration said yesterday, Wednesday, that distillate stocks rose by 2.9 million barrels in the week ending December 15, to 443.7 million barrels, compared to analysts’ expectations in a Reuters poll of a decline of 2.3 million barrels.
The Energy Information Administration added that crude inventories in Cushing, Oklahoma, increased by 1.7 million barrels last week.
It reported that US refineries' consumption of crude oil increased by 403,000 barrels per day last week.
Refinery operating rates rose 2.2 percent last week.
The administration said that gasoline stocks increased by 2.7 million barrels to 226.7 million last week, compared to analysts’ expectations in a Reuters poll of an increase of 1.2 million barrels.
Administration data showed that distillate stocks, which include diesel and heating oil, increased by 1.5 million barrels over the past week to 115 million, while expectations indicated an increase of 500 thousand barrels.
She explained that net US imports of crude oil decreased last week by 117 thousand barrels per day.
On the other hand, the Energy Information Administration said that US crude oil production rose last week to a record level of 13.3 million barrels per day.
The data showed an increase in crude production by 200,000 barrels per day compared to the previous week.
