By Stephanie Kelly
NEW YORK (Reuters) – U.S. crude stocks rose last week despite a major increase in exports, while fuel inventories fell, the Energy Information Administration said on Wednesday.
Crude inventories rose by 515,000 barrels to 442.9 million barrels in the week ended April 11, the EIA said, compared with analysts’ expectations in a Reuters poll for a 507,000-barrel rise.
Meanwhile, crude exports rose 1.8 million barrels per day to 5.1 million bpd, the highest in about a year, the EIA data showed.
The seemingly disparate data points come as the EIA posted an adjustment figure of 722,000 bpd in “unaccounted for crude oil.” The figure serves as a balancing item for the EIA.
“You would think an increase in exports of almost 2 million barrels would force a draw – storage should theoretically go down,” said Bob Yawger, director of energy futures at Mizuho . “The EIA basically wiped that out with the adjustment number.”
Crude futures were little changed immediately following the data release. Brent crude futures and U.S. crude futures were last up over 1.5%.
In fuel inventories, U.S. gasoline stocks fell by 2 million barrels in the week to 234 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.6 million-barrel draw.
Distillate stockpiles, which include diesel and heating oil, fell by 1.9 million barrels in the week to 109.2 million barrels, the lowest since November 2023. Analysts had expected a 1.2 million-barrel drop, the EIA data showed.
Net U.S. crude imports fell by 2.04 million barrels per day, EIA said.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 654,000 barrels last week, the EIA said.
Refinery crude runs fell by 63,000 barrels per day, the EIA said.
Refinery utilization rates fell by 0.4 percentage points.
(Reporting by Stephanie Kelly in New York; Editing by Chizu Nomiyama)
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