In Oil & Companies News 29/07/2016
US crude stocks rose unexpectedly last week, while gasoline stocks increased and distillate inventories fell, the US Department of Energy said.
Crude inventories rose by 1.7 million barrels in the last week, compared with analysts’ expectations for an decrease of 2.3 million barrels, according to data from the Energy Information Administration.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.1 million barrels, EIA said. The move was the largest increase since early May.
Gasoline stocks rose by 452,000 barrels, compared with analysts’ expectations in a Reuters poll for a 40,000-barrel increase. The move came even as refinery crude runs fell.
Refinery crude runs fell by 277,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.8 percentage points.
Distillate stockpiles, which include diesel and heating oil, fell by 780,000 barrels, versus expectations for a 714,000-barrel increase, the EIA data showed.
US crude imports rose last week by 224,000 barrels per day.
Source: Reuters
