FX.co ★ US Crude Oil Inventories Rise More than Expected

US crude oil inventories increased by 3.1 million barrels to 464.7 million barrels in the week ended April 3, significantly above market expectations for a 701,000-barrel build. Stocks at the Cushing, Oklahoma, delivery hub edged up by 24,000 barrels over the same period.

Refinery crude throughput declined by 129,000 barrels per day, while refinery utilization slipped by 0.1 percentage point to 92%.

US gasoline inventories fell by 1.6 million barrels to 239.3 million barrels, slightly exceeding expectations for a 1.4 million-barrel draw. Distillate stockpiles—which include diesel and heating oil—declined by 3.1 million barrels to 114.7 million barrels, more than double forecasts for a 1.5 million-barrel decrease.

Net US crude imports dropped by 758,000 barrels per day last week, according to the EIA.