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Government report: US crude inventories jumped higher than expected last week

UNITED STATES (OBSERVATORY NEWS) — The US Energy Information Administration said on Wednesday that US stocks of crude oil rose higher than expected last week, while gasoline and distillate stocks fell.

Crude inventories increased 7.5 million barrels over the week ending February 7 to 442.5 million barrels. Analysts had expected in a Reuters poll that stocks will rise three million barrels.

Crude stocks at the delivery point in Cushing, Oklahoma, grew by 1.7 million barrels last week, according to the Energy Information Administration.

The data showed a rise in crude consumption in refineries 48 thousand barrels per day last week. Refinery utilization rates increased 0.6 percentage points.

The Energy Information Administration said that gasoline stocks fell 95 thousand barrels to 261.1 million barrels, while analysts in a Reuters poll expected to rise 546 thousand barrels.

Distillate stocks, which include diesel and heating oil, fell 2 million barrels to 143.2 million barrels, compared to expectations for a decrease of 557 thousand barrels.

The net US imports of crude oil increased by 806 thousand barrels per day to 4.01 million barrels per day last week.

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