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US crude stocks up less than expected, gasoline inventories fall

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 3.6 million barrels in the last week, EIA said.

April 29, 2020 / 08:32 PM IST

US crude stocks rose less than expected, while gasoline inventories dropped, the Energy Information Administration said on Wednesday.

Crude inventories rose by 9 million barrels in the week to April 24 to 527.6 million barrels, compared with analysts' expectations in a Reuters poll for a 10.6 million-barrel rise.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 3.6 million barrels in the last week, EIA said.

Refinery crude runs rose by 305,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 2 percentage points, in the week.

US gasoline stocks fell by 3.7 million barrels in the week to 259.6 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.5 million-barrel rise.

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Also read: Crude oil futures gain 10% in afternoon trade
Distillate stockpiles, which include diesel and heating oil, rose by 5.1 million barrels in the week to 142 million barrels, versus expectations for a 3.6 million-barrel rise, the EIA data showed.

Net US crude imports fell last week by 47,000 barrels per day in the last week, EIA said.

 
Reuters

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