US Crude Oil Inventories Rise More than Expected: EIA

US crude inventories increased by 3.475 million barrels to 439.3 million for the week ending February 27, exceeding forecast of a 2.3 million-barrel rise. At the Cushing, Oklahoma delivery hub, crude stocks climbed 1.564 million barrels. Distillate inventories, which include diesel and heating oil, rose by 0.429 million barrels to 120.8 million, contrary to expectations of a 2.6 million-barrel decline. Meanwhile, US gasoline stocks fell by 1.704 million barrels to 253.1 million, larger than the anticipated 0.8 million-barrel decrease.

US crude inventories surged by 15.989 million barrels to 435.8 million barrels in the week ended February 20, the most in three years and well above market expectations of a 1.8 million-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 881,000 barrels. Distillate stockpiles, which include diesel and heating oil, rose by 252,000 barrels in the week to 120.4 million barrels, versus expectations for a 1.6 million-barrel drop. On the other hand, gasoline stocks fell by 1 million barrels in the week to 254.8 million barrels, more than forecasts for a 560,000-barrel draw.

US crude oil inventories fell by 9.014 million barrels in the week ended February 13, the largest decrease in five months and compared with expectations for a 2.1 million barrel build. Stocks at the Cushing, Oklahoma delivery hub also decreased by 1.095 million barrels. Gasoline inventories fell by 3.213 million barrels, above expectations for a 0.3 million barrel draw. Distillate stockpiles, which include diesel and heating oil, fell by 4.566 million barrels, a larger decline than forecasts for a 1.4 million barrel drop.