WASHINGTON: US crude and gasoline inventories rose, the Energy Information Administration said on Wednesday, on weaker demand for fuel products.
Crude inventories rose by a less-than-expected 533,000 barrels in the last week to 448.5 million barrels, compared with forecasts for a 1 million-barrel rise.
“The increase was much smaller than anticipated and that’s raising concerns about tightness in supply,” said Phil Flynn, analyst at Price Futures Group.
US gasoline stocks rose by 1.8 million barrels in the week to 232 million barrels, the EIA said.
Total product supplied, a proxy for fuel demand, fell 867,000 barrels per day, EIA data showed.
Meanwhile, refinery utilization rates rose by 0.8 percentage point, bringing the rate above 80 percent after falling to the lowest levels lowest since March 2021 the week prior.
Refinery crude runs rose by 128,000 barrels per day in the last week, the EIA said, as refiners ramped back up after a winter storm caused plants to idle some production.
Distillate stockpiles, which include diesel and heating oil, fell by 0.5 million barrels in the week to 115.3 million barrels, versus expectations for a 1.1 million-barrel drop, the EIA data showed.
Typically, distillate consumption increases during the winter season in the Northern Hemisphere due to heating demand.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 4.3 million barrels in the last week, the EIA said.
Net US crude imports fell by 1.79 million barrels per day, the EIA said.
