Report: US crude and gasoline inventories rise

US Energy Information Administration said on Wednesday that crude oil and gasoline inventories in the United States rose last week, while distillate inventories fell.

According to Reuters, crude inventories increased by 1.2 million barrels to 421.9 million barrels in the week ending January 26, compared to analysts’ expectations in a Reuters poll for a decline of 217 thousand barrels.

The administration stated that oil stocks at the delivery center in Cushing, Oklahoma, fell by two million barrels last week.

She said that US refineries’ crude consumption fell by 428,000 barrels per day last week.

Refinery operating rates fell by 2.6 percentage points last week.

The administration said that gasoline stocks rose by 1.2 million barrels to 254.1 million last week, compared to analysts’ expectations in a Reuters poll for an increase of 1.5 million.

Administration data showed that distillate stocks, which include diesel and heating oil, fell by 2.5 million barrels last week to 130.8 million, compared to expectations for a decline of 0.4 million.

The administration stated that net US imports of crude oil rose by 565,000 barrels per day last week.