US Crude, Gasoline and Distillate Stocks Rose by More than Expected Last Week
12.22.2023 By Tank Terminals - NEWS

December 22, 2023 [Reuters]- U.S. crude stocks, gasoline and distillate inventories rose last week, the U.S. Energy Information Administration (EIA) said on Wednesday.

 

Crude inventories (USOILC=ECI) rose by 2.9 million barrels in the week to Dec. 15 to 443.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.3 million-barrel drop.

EIA also said U.S. crude output rose to a record 13.3 million barrels per day (bpd) last week, up from the prior all-time high of 13.2 million bpd.

U.S. and Brent crude futures pared gains on the surprise build in crude stocks and the bigger-than-expected builds in gasoline and distillate inventories, and record weekly crude production.

“Market participants didn’t like the builds in the big three: crude, gasoline and distillate inventories,” said Giovanni Staunovo, analyst at UBS, a bank.

Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) rose by 1.7 million barrels in the last week, EIA said.

Refinery crude runs (USOICR=ECI) rose by 403,000 bpd in the last week, EIA said.

Refinery utilization rates (USOIRU=ECI) rose by 2.2% in the week.

U.S. gasoline stocks (USOILG=ECI) rose by 2.7 million barrels in the week to 226.7 million barrels, EIA said, compared with analysts’ expectations in a Reuters poll for a 1.2 million-barrel rise.​

Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, rose by 1.5 million barrels in the week to 115 million barrels, versus expectations for a 500,000 barrel rise, the EIA data showed.

Net U.S. crude imports (USOICI=ECI) fell last week by 117,000 bpd, EIA said.

 

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