US Crude Oil Stocks Unexpectedly Rise: EIA

Crude inventories in the US rose by 2.011 million barrels in the week ended July 17, compared with market expectations for a 1.25 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 674 thousand barrels in the week. US gasoline stocks rose by 765 thousand barrels in the week, versus expectations for a 1.54 million-barrel draw. Distillate stockpiles, which include diesel and heating oil, rose by 1.395 million barrels, above forecasts for a 0.83 million-barrel rise. Net US crude imports increased by 485 thousand barrels per day.

US crude oil inventories fell by 1.693 million barrels in the week ended July 10, reversing the previous week's 2.998 million-barrel increase, which had marked the first inventory build in eleven weeks. The decline, however, was smaller than market expectations for a 2.6 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub increased by 0.43 million barrels. Refinery crude runs rose by 0.099 million barrels per day. Gasoline inventories declined by 1.533 million barrels, exceeding expectations for a 0.8 million-barrel draw. Distillate stockpiles, which include diesel and heating oil, rose by 4.556 million barrels, compared with forecasts for a 0.1 million-barrel increase. Net US crude imports fell by 0.399 million barrels per day, the first fall in four weeks.

US crude oil inventories increased by 2.998 million barrels to 411.3 million barrels in the week ended July 3, marking the first rise after ten consecutive weeks of declines and compared with market expectations for a 2.4 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub decreased by 52 thousand barrels. Refinery crude runs fell by 172,000 barrels per day. Gasoline inventories declined by 1.904 million barrels to 212.1 million barrels, exceeding expectations for a 1.6 million-barrel draw. Distillate stockpiles, which include diesel and heating oil, fell by 4.98 million barrels to 103.6 million barrels, compared with forecasts for a 0.6 million-barrel increase. Net US crude imports rose by 1.096 million barrels per day.