News wire — U.S. crude stocks rose last week even as refineries hiked output, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday.
Crude inventories rose by 1.4 million barrels in the week to Nov. 15, compared with expectations for an increase of 1.5 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.3 million barrels, EIA said.
Crude futures extended gains after the EIA report.
“There was a large drawdown of crude oil at the Cushing delivery hub, which is supportive,” said John Kilduff, partner at Again Capital LLC in New York.
Refinery crude runs rose by 519,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.7 percentage points.
Gasoline stocks rose by 1.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 870,000-barrel gain.
Distillate stockpiles, which include diesel and heating oil, fell by 1 million barrels, versus expectations for a 732,000-barrel drop, the EIA data showed.
“The diesel market will remain well supported,” said Andrew Lipow, president of Lipow Oil Associates in Houston. “Especially if we get additional cold snaps throughout the Northeast, which would spike heating oil demand.”
Net U.S. crude imports fell last week by 172,000 barrels per day.
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