U.S. oil stocks jump as refineries cut runs: EIA
(Reuters) – U.S. crude stocks rose sharply last week as refineries cut output, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Thursday.
Crude inventories rose by 8 million barrels in the week to Jan. 18, compared with analysts’ expectations for a decline of 42,000 barrels.
Refinery crude runs fell by 174,000 barrels per day, EIA data showed. Refinery utilization rates fell by 1.7 percentage points.
Gasoline stocks rose by 4.1 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.7 million-barrel gain.
Distillate stockpiles, which include diesel and heating oil, fell by 617,000 barrels, versus expectations for a 229,000-barrel drop, the EIA data showed.
Net U.S. crude imports rose last week by 1.6 million bpd.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 190,000 barrels, EIA said.