US crude stockpiles rose to highest level since 1990: EIA

JAN 22, 201612:24 AM

[NEW YORK] US crude and gasoline stockpiles rose more than expected last week, while distillate inventories fell, data from the Energy Information Administration showed on Thursday.

Crude inventories rose by 4 million barrels in the last week, compared with analysts' expectations for an increase of 2.8 million barrels. Crude inventories climbed to the highest level since 1990.

The increase came as refiners cut runs, although crude imports fell.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 191,000 barrels, EIA said.

Refinery crude runs fell by 233,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.6 percentage points.

Gasoline stocks rose by 4.6 million barrels, compared with analysts' expectations in a Reuters poll for a 1.4 million barrels gain.

Distillate stockpiles, which include diesel and heating oil, fell by 1.0 million barrels, versus expectations for a 133,000 barrels increase, the EIA data showed.

US crude imports fell last week by 409,000 barrels per day.

REUTERS