US crude inventories rise while fuel stocks decline, EIA says

Investing.com -- US crude oil stockpiles increased by 2.5 million barrels to reach 407 million barrels during the week that ended on July 31, the Energy Information Administration reported Wednesday. The build exceeded market expectations, which had anticipated a draw of 1.5 million barrels.

Crude stocks at the Cushing, Oklahoma delivery hub climbed by 2.4 million barrels during the same period, according to the EIA.

Refinery crude runs decreased by 183,000 barrels per day, while utilization rates dropped by 0.7 percentage points to 96.5% for the week.

Gasoline inventories fell by 1.6 million barrels to 209.7 million barrels, slightly exceeding the expected decline of 1.3 million barrels.

Distillate stockpiles, which encompass diesel and heating oil, decreased by 3.5 million barrels to 107.2 million barrels. This contrasted with expectations for a gain of 206,000 barrels.

Net US crude imports increased by 297,000 barrels per day during the week, the EIA said.

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