U.S. crude stocks rose as the nation imported more oil, while gasoline and distillate inventories fell last week ahead of summer driving season, the Energy Information Administration said on Wednesday.
Crude inventories rose by 3.5 million barrels to 441.8 million barrels in the week ended May 9, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.1 million-barrel draw.
Net U.S. crude imports rose last week by 422,000 barrels per day, the EIA said.
Brent and U.S. West Texas Intermediate crude futures extended losses following the data, and both contracts fell around 0.7 per cent at 10:46 a.m. EDT (1446 GMT).
Gasoline and distillate inventories both fell ahead of the start of summer driving season, which typically begins on Memorial Day weekend toward the end of May.
U.S. gasoline stocks fell by 1 million barrels in the week to 224.7 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 560,000-barrel draw.
Distillate stockpiles, which include diesel and heating oil, fell by 3.2 million barrels in the week to 103.6 million barrels, the lowest since April 2005. Analysts had expected a 130,000-barrel rise, the EIA data showed.
“The story here is that the farmers are doing a great job of getting the nation’s crop in the ground,” said Phil Flynn, an analyst with Prices Futures Group. “And you’re seeing some manufacturing demand come back. Overall, that is supportive.”
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels last week, the EIA said.
Refinery crude runs rose by 330,000 barrels per day, the EIA said.
Refinery utilization rates rose by 1.2 percentage points in the week.
