U.S. crude oil and gasoline inventories unexpectedly increased last week, with crude inventories rising by 3.2 million barrels to 448.2 million barrels, contrary to analysts’ expectations of a draw. The surge in crude inventories was fueled by a notable uptick in U.S. crude imports, setting the stage for a monthly build in crude oil. Despite the smaller-than-expected crude stock build reported by the Energy Information Administration (EIA), crude oil futures experienced a slight rebound.
On the other hand, U.S. gasoline stocks rose by 1.3 million barrels, accompanied by a decline in gasoline demand. This unexpected rise in inventories has dampened market enthusiasm, particularly in the gasoline sector. Refinery crude runs and utilization rates saw modest gains, while distillate stockpiles, including diesel and heating oil, decreased against projections. Additionally, crude stocks at the Cushing, Oklahoma delivery hub surged by 2.1 million barrels.