U.S. Oil and Gas Stocks Surge

U.S. crude stocks surged last week, outstripping expectations of a small increase, while gasoline stocks increased and distillate inventories fell, data from the Energy Information Administration showed on Wednesday.

Crude inventories rose by 4 million barrels in the last week, compared with analysts' expectations for an increase of 102,000 barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.068 million barrels, EIA said.

Refinery crude runs fell by 241,000 barrels per day, EIA data showed. Refinery utilization rates fell by 1.1 percentage points.

Gasoline stocks rose by 3.3 million barrels, compared with analysts' expectations in a Reuters poll for a 40,000 barrel decrease.

Distillate stockpiles, which include diesel and heating oil, fell by 267,000 barrels, versus expectations for a 471,000 barrels drop, the EIA data showed.

U.S. crude imports rose last week by 329,000 barrels per day.

(Reporting By Jessica Resnick-Ault)