U.S. crude inventories rose by 5.8 million barrels to 457.3 million barrels in the week ended April 5
U.S. crude oil, gasoline and distillate inventories rose last week mainly driven by low crude exports and as implied demand for refined products declined, the Energy Information Administration said on Wednesday.
Crude inventories rose by 5.8 million barrels to 457.3 million barrels in the week ended April 5, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.4 million-barrel rise.Brent futures were trading 3 cents lower at 89.39 a barrel by 10:48 a.m. ET . West Texas Intermediate crude futures were down 11 cents at $85.12 a barrel.
“Looking at the price reaction, seems the market takes it as one off as the build was driven by low crude exports,” UBS analyst Giovanni Staunovo. Most of the crude build was in the Gulf Coast, he added. Net U.S. crude imports rose by 1.1 million barrels per day as exports fell by 1.3 million bpd to 2.71 million bpd, the EIA said.
Refinery utilization fell by 0.3 percentage point to 88.3 per cent of total capacity, while refinery inputs were down 115,000 bpd.Gasoline stocks rose by 700,000 barrels to 228.5 million barrels, the EIA said, compared with forecasts for a 1.3 million-barrel draw.Distillate stockpiles, which include diesel and heating oil, rose by 1.7 million barrels in the week to 117.7 million barrels, the EIA data showed, versus expectations for a 1.2 million-barrel drop.
Bpd Barrel Week Barrels Crude United States Gasoline Cent Cushing EIA Energy Information Administration
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