EIA: US crude oil, gasoline and distillate stockpiles rise

New US data revealed on Wednesday that US crude oil, gasoline and distillate stockpiles rose during the week ending November 1.

The US Energy Information Administration said that US crude oil stockpiles rose by 2.1 million barrels to 427.7 million barrels last week, compared with expectations for a 1.1 million barrel increase, according to a Reuters poll of analysts.

It indicated that crude oil stockpiles at the Cushing, Oklahoma, delivery hub rose to 522,000 barrels during the week ending November 1, according to Reuters.

Refinery crude oil consumption increased by 281,000 barrels per day, and refinery utilization rates rose by 1.4% during the week.

U.S. gasoline stocks rose by 412,000 barrels to 211.3 million barrels in the week to Nov. 1, the Energy Information Administration said, compared with expectations for a 878,000-barrel drop, according to analysts polled by Reuters. Distillate stocks, which include diesel and heating oil, rose by 2.9 million barrels to 115.8 million barrels, versus expectations for a 1.1 million-barrel drop in the week to Nov. 1, the Energy Information Administration said. U.S. net crude imports rose by 1.7 million barrels per day last week, the agency said.