EIA: US crude and distillate stocks rise while gasoline inventories fall

The Energy Information Administration reported on Wednesday that U.S. crude and distillate oil inventories increased while gasoline inventories decreased last week.

The EIA reported that crude inventories increased by 6.2 millions barrels, to 439.8million barrels for the week ending on March 28. This was compared to analysts' expectations based on a poll of a 2.1-million barrel draw.

The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, rose by 2.4 millions barrels.

The crude prices have remained relatively unchanged despite the surprising build-up of inventories. Brent futures traded at $74.39 per barrel at 10:35 am EDT (1435 GMT), down 11 cents. U.S. West Texas intermediate futures traded at $71.16 per barrel, up 5 cents.

The EIA reported that refinery crude runs dropped by 192,000 barrels a day during the past week while utilization rates decreased by one percentage point to 86%.

The EIA reported that gasoline stocks dropped by 1.6m barrels last week, to 237.6m barrels. This was compared to expectations of a 1.7m barrel draw. ?

The EIA reported that distillate stocks, which includes diesel and heating oil rose by 300,000. This was compared to expectations of a drop of 1,000,000 barrels.

The EIA reported that net U.S. crude oil imports increased by 999,000 barrels a day last week. (Reporting and editing by Margueritachoy in Denver)

(source: Reuters)