EIA: U.S. crude, fuel inventories rose in the week ended December 19
U.S. crude, gasoline and distillate inventories rose in the week ended December 19 as refining activity slowed and imports declined, the U.S. Energy Information Administration (EIA) said on Monday.
Crude inventories rose by 405,000 bbl to 424.8 MMbbl in the week ended December 19, the EIA said, compared with analysts' expectations in a poll for a 2.4-MMbbl draw.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 707,000 bbl in the week, the EIA said. The hub remains close to operationally low levels despite the uptick, Kpler analyst Matt Smith said.
Monday's data release was delayed over six hours and released after the oil market had closed. Global Brent crude futures had settled up $1.30 at $61.94 a barrel, while U.S. West Texas Intermediate crude futures settled at $58.08 a barrel, up $1.34.
Refinery crude runs fell by 212,000 bpd in the week, the EIA said, while utilization rates fell by 0.2% to 94.6%.
U.S. gasoline stocks rose by 2.86 MMbbl in the week to 228.5 MMbbl, the EIA said, compared with analysts' expectations in a poll for a 1.1-MMbbl rise.
The increase in gasoline stocks was due to softer demand compared to the prior week, Smith said.
Distillate stockpiles, which include diesel and heating oil, climbed by 202,000 bbl in the week to 118.7 MMbbl, versus expectations for a 440,000-bbl rise, the EIA data showed. Distillate fuel stocks in the U.S. Gulf Coast refining hub hit their highest level since August 2021, the EIA data showed.
Net U.S. crude imports rose by 609,000 bpd to 2.47 MMbpd. Meanwhile, exports of total petroleum products hit a record high of 7.77 MMbbl, the EIA data showed.
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