FX.co ★ US Crude Oil Stocks Unexpectedly Rise: EIA

US crude inventories increased by 1.925 million barrels to 465.7 million barrels in the week ended April 17, versus market expectations for a 1.2 million barrel draw. Stocks at the Cushing, Oklahoma delivery hub rose by 806,000 barrels. Refinery activity softened, with crude runs declining by 55,000 barrels per day and utilisation rates slipping by 0.5 percentage points.

In contrast, fuel inventories tightened more than anticipated. Gasoline stocks fell by 4.6 million barrels to 228.4 million, compared with consensus estimates for a 1.5 million barrel decrease. Distillate inventories, which include diesel and heating oil, declined by 3.4 million barrels to 108.1 million, exceeding expectations for a 2.5 million barrel draw. Net US crude imports increased by 1.21 million barrels per day over the week.