On Wednesday, the US Energy Information Administration (EIA) data showed that last week, the country’s crude and gasoil inventories rose while distillate stockpiles plunged.
On the week to November 13, crude inventories climbed by 768,000 barrels to 489.5 million barrels. The reading underperformed a Reuters poll for a 1.7 million barrels increase.
Crude inventories at the Cushing delivery hub in Oklahoma jumped by 1.2 million barrels. Refinery crude runs edged up by 394,000 bpd while refinery utilization rates accelerated by 2.9%.
Gasoline stockpiles advanced by 2.6 million barrels to 228 million barrels, against a Reuters poll for an 87,000 barrel climb. On the contrary, distillate inventories plunged by 5.2 million barrels to 144 million barrels. Analysts only expected a 1.5 million barrel slump.
According to the EIA, last week net US crude imports dropped by 228,000 bpd.
