U.S. crude oil stockpiles rose unexpectedly last week as imports jumped, while both gasoline and distillate inventories fell more than expected, the Energy Information Administration said on Wednesday.
Crude inventories rose by 244,000 barrels to 443.1 million barrels in the week ended April 18, the EIA said, compared with analysts’ expectations in a Reuters poll for a 770,000-barrel draw.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 86,000 barrels last week, the EIA said.
Net U.S. crude imports rose by 1.14 million barrels per day to 2 million bpd, the EIA said, the largest weekly increase since November 2024.
Brent crude futures and U.S. West Texas Intermediate crude futures pared some losses after the data, despite the surprise build. The benchmarks were last down around 2% on the day.
Refinery crude runs rose by 325,000 bpd and utilization rates rose by 1.8 percentage points to 88.1% of total capacity, the EIA said.
Despite some gains in utilization rates, fuel stocks fell by more than expected.
U.S. gasoline stocks fell by 4.5 million barrels in the week to 229.5 million barrels, the EIA said, compared with analysts’ expectations for a 1.4 million-barrel draw.
Distillate stockpiles, which include diesel and heating oil, fell by 2.4 million barrels in the week to 106.9 million barrels, the lowest since November 2023. Analysts had forecast a 30,000-barrel drop, the data showed.
“We saw another bullish products inventory decline during build season,” said Josh Young, chief investment officer at Bison Interests. “It doesn’t seem to reflect potential demand decline from Trump’s tariff/trade war, yet.”
The four-week average for product supplied of jet fuel rose to 1.86 million bpd, the highest since December 2019.
(Reporting by Stephanie Kelly Editing by Marguerita Choy)