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United States crude, gas stocks rise, distillates draw down, EIA says

U.S. petroleum and gas stocks last week rose more than projection, while extract stockpiles posted a largerthanexpected draw, the Energy Details Administration said on Wednesday.

Unrefined stocks rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA stated, compared to experts' expectations in a Reuters poll for a 138,000-barrel increase.

Crude stocks at the Cushing, Oklahoma, shipment center fell by 140,000 barrels in the week, the EIA said.

Net U.S. crude imports increased last week by 237,000 barrels daily (bpd) to 3.3 million bpd, with imports to the Gulf Coast striking 2 million bpd, the highest because July 2020, the EIA said.

The report is modestly unfavorable, with builds throughout secret petroleum products, said Giovanni Staunovo, an analyst with UBS. The build in crude stockpiles was just modest, he included.

Brent crude futures extended losses while U.S. crude edged greater after the larger-than-expected build.

Refinery crude runs fell by 281,000 bpd, the EIA said, while refinery usage rates fell by 1.2 percentage points in the week.

Fuel stocks increased by 2.1 million barrels in the week to 208.9 million barrels, the EIA said, compared to expectations for a 900,000-barrel build.

U.S. fuel futures extended gains after the data was released.?

Extract 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.

Midwest distillate fuel stockpiles fell recently to 25.3 million barrels, its least expensive since November 2023, the EIA said.

U.S. heating oil futures, last down 0.07%, were unchanged after the information revealed larger draw.?

(source: Reuters)