US Crude inventories rise, gasoline and distillates fall

US Energy Information Administration said on Wednesday that US crude oil inventories rose, while gasoline and distillate stocks fell.

The administration stated that crude inventories rose by 5.5 million barrels to 427.4 million in the week ending February 2, compared to analysts’ expectations in a survey that they would rise by 1.9 million.

The administration added that oil stocks at the delivery center in Cushing, Oklahoma, fell by 33,000 barrels last week, indicating that US refineries’ consumption of crude fell by 9,000 barrels per day last week.

The administration indicated that gasoline stocks fell by 3.1 million barrels to 251 million last week.

Administration data showed that stocks of distillate products, which include diesel and heating oil, fell by 3.2 million barrels last week to 127.6 million, compared to expectations that they would decrease by one million barrels.

The administration stated that net US imports of crude oil rose by 1.6 million barrels per day last week.