EIA: US crude oil inventories rose by 12 million barrels, exceeding expectations

The Energy Information Administration said on Wednesday that crude oil inventories in the United States rose, while gasoline and distillate inventories fell in the week ending February 9.

According to Reuters, the administration reported that crude inventories rose by 12 million barrels to 439.5 million last week, compared to the expectations of analysts polled by Reuters that they would rise by 2.6 million barrels.

The administration added that crude oil inventories at the delivery center in Cushing, Oklahoma, rose by 710,000 barrels last week.

She added that the rate of refinery consumption of crude fell by 298 thousand barrels per day in the week ending February 9.

It stated that the refinery utilization rate decreased by 1.8 percentage points during the week.

She added that gasoline stocks in the United States fell by 3.7 million barrels during the week to 247.3 million, compared to the expectations of analysts polled by Reuters that they would fall by 1.2 million.

Energy Information Administration data showed that distillate inventories, which include diesel and heating oil, fell by 1.9 million barrels during the week to 125.7 million, compared to expectations that they would decline by 1.6 million.

The administration said that US net imports of crude fell by 1.2 million barrels per day.

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