EIA: US Crude Stocks Bounce Unexpectedly
NEW YORK, June 7 (Reuters) - U.S. stocks of crude oil and gasoline surprisingly rose last week as refinery runs declined and exports fell, the Energy Information Administration said on Wednesday.
Crude inventories rose by 3.3 million barrels in the week ended June 2, compared with expectations for an decrease of 3.5 million barrels, the first such increase in 10 weeks.
It came as refineries edged off record processing levels reached the week earlier, though U.S. refiners are still producing at a very high rate.
The data surprised analysts, and undercut the belief that inventories were finally showing steady progress toward drawing down to seasonal averages. U.S. crude futures fell sharply, dropping more than 4 percent to $46.12 a barrel as of 11:04 a.m. ET (1504 GMT).
"Crude, gasoline and distillates inventories are all at or above the top of their five-year ranges; supply remains plentiful," said Matt Smith, director of commodity research at ClipperData in Louisville, Kentucky.
Gasoline stocks rose by 3.3 million barrels, compared with analysts' expectations in a Reuters poll for a 580,000 barrels gain. Gasoline blendstock futures on the New York Mercantile Exchange fell about 4 percent after the data was released.
"Normally, gasoline stocks are supposed to decline at this time of the year due to strong demand," said Carsten Fritsch, oil analyst at Commerzbank in Frankfurt, Germany.
Refinery crude runs fell by 283,000 barrels per day, EIA data showed, to 17.2 million barrels per day, from the previous week's record 17.5 million bpd rate. Refinery utilization rates fell by 0.9 percentage points to 94.1 percent, which is still seasonally strong.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.4 million barrels, the EIA said.
U.S. exports were also down sharply, though that figure tends to fluctuate on a week-to-week basis. Overall exports fell to 557,000 bpd from a record 1.3 million bpd the week previous.
Distillate stockpiles, which include diesel and heating oil, rose by 4.4 million barrels, versus expectations for a 281,000-barrel increase, the EIA data showed.
U.S. crude imports rose last week by 1.1 million barrels per day.
(Editing by Chizu Nomiyama)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally