U.S. crude stocks fell last week, while gasoline rose unexpectedly in the middle of summer driving season, data from the Energy Information Administration (EIA) showed on Wednesday.
The increase in gasoline inventories was the second consecutive build, coming during summer driving season. U.S. crude temporarily turned negative on the news.
Crude inventories fell by 4.9 million barrels in the last week, compared with analysts’ expectations for a decrease of 2.1 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.87 million barrels, EIA said.
Refinery crude runs rose by 250,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.9 percentage points.
Gasoline stocks rose by 680,000 barrels, compared with analysts’ expectations in a Reuters poll for a 304,000-barrel drop. The U.S. east coast refinery utilization rate jumped 4.8 percent to its highest level since at least 2010.
Distillate stockpiles, which include diesel and heating oil, rose by 1.8 million barrels, versus expectations for a million-barrel increase, the EIA data showed.
About Alfonso Esparza
Senior Currency Strategist, OANDA, Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto. Follow on Twitterand on his Google+ profile.