U.S. crude oil and gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, the Energy Information Administration said on Wednesday.
Crude inventories rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 138,000-barrel rise.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 140,000 barrels in the week, the EIA said. Net U.S. crude imports rose last week by 237,000 barrels per day to 3.3 million bpd, with imports to the Gulf Coast hitting 2 million bpd, the highest since July 2020, the EIA said.
"The report is modestly negative, with builds across key petroleum products," said Giovanni Staunovo, an analyst with UBS. The build in crude stockpiles was only modest, he added.
Brent crude futures extended losses while U.S. crude edged higher after the larger-than-expected build.
Refinery crude runs fell by 281,000 barrels per day, the EIA said, while refinery utilization rates fell by 1.2 percentage points in the week. U.S. gasoline stocks rose by 2.1 million barrels in the week to 208.9 million barrels, the EIA said, compared with expectations for a 900,000-barrel build.
Distillate stockpiles, which include diesel and heating oil, fell by 100,000 barrels in the week to 114.3 million barrels, versus expectations for a 20,000-barrel decline.