According to the latest data from the U.S. Energy Information Administration (EIA), crude oil, gasoline, and distillate inventories all rose in the week ending June 7, defying analysts’ expectations.
Crude oil inventories increased by 3.7 million barrels to reach 459.7 million barrels, while the Cushing, Oklahoma delivery hub saw a 1.6 million barrel decline. Analysts had predicted a 1 million barrel draw in crude stocks.
Refinery crude runs fell by 97,000 barrels per day, and refinery utilization rates declined by 0.4 percentage points during the week.
Gasoline stocks rose by 2.6 million barrels to 233.5 million barrels, significantly more than the expected 0.9 million barrel build. Distillate inventories, including diesel and heating oil, increased by 0.9 million barrels to 123.4 million barrels, less than the anticipated 1.6 million barrel rise.
The report also showed that net U.S. crude imports rose by 2.56 million barrels per day.
The unexpected build-up in U.S. crude and fuel inventories could put pressure on oil prices, as it signals weaker-than-expected demand or oversupply in the market.