U.S. crude inventories rise unexpectedly; product stocks slump: EIA
A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver
NEW YORK (Reuters) - U.S. crude oil stockpiles rose unexpectedly last week even as gasoline and distillate inventories fell more than expected, data from the Energy Information Administration showed on Wednesday.
Crude inventories
"On the crude oil front, the EIA report was disappointing at best given the surprise build," said Dominick Chirichella, senior partner at the Energy Management Institute in New York.
"Both PADD 2 (the Midwest) and Cushing built in an area that should have been most impacted by the Canadian wildfires," he said, referring to the blaze began in early May and has cut Canadian oil output by a million barrels per day.
U.S. crude imports
U.S. crude futures
Refinery crude runs
Gasoline stocks
Distillate stockpiles
The drawdown of products lent counterbalanced the crude build, said Chris Jarvis, analyst at Caprock Risk Management in Frederick, Maryland.
"Overall, the strength in products, which is now over 20 million barrels per day, and the seasonality heading into peak driving season should give a bullish bias to today’s data points," Jarvis said.
(Reporting by Josephine Mason and Jessica Resnick-Ault with additional reporting by Barani Krishnan; Editing by Marguerita Choy)
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