News wire — U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
Crude inventories rose by 452,000 barrels in the week ended Feb. 21 to 443.3 million barrels, compared with analysts’ expectations in a Reuters poll for a 2 million-barrel rise.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 906,000 barrels in the last week, EIA said.
The reaction in oil prices was relatively quiet. The market was up on Wednesday, rebounding from recent losses on the back of fears of the spread of coronavirus. U.S. crude futures , which had earlier dropped through $50 a barrel, were up 50 cents to $50.39 a barrel as of 10:44 a.m. ET (1544 GMT). Brent gained 31 cents to $55.26 a barrel.
“Energy markets have responded positively to the smaller than anticipated build. However, coronavirus has kicked market sentiment to the floor,” said Ryan Kaup, a commodities broker at CHS Hedging.
Also Read: U.S. crude stocks drop sharply, daily exports hit 4 mln milestone -EIA
Refinery crude runs fell by 202,000 barrels per day (bpd) in the last week, EIA said. Refinery utilization rates fell by 1.5 percentage points in the week.
U.S. gasoline stocks fell by 2.7 million barrels in the week to 256.4 million barrels, the EIA said, compared with expectations in a Reuters poll for a 2.2 million-barrel drop.
Distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels in the week to 138.5 million barrels, versus expectations for a 1.7 million-barrel drop, the EIA data showed.
Net U.S. crude imports fell last week by 423,000 bpd in the last week, EIA said.
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- Reuters
