U.S. crude stocks jump sharply as refiners cut activity
U.S. crude stocks rose last week as refineries cut output sharply, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said.
Crude inventories rose by 7.9 million barrels in the week to Nov. 1, compared with analysts’ expectations for an increase of 1.5 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.7 million barrels, EIA said.
Refinery crude runs fell by 237,000 barrels per day, EIA data showed. Refinery utilization rates fell by 1.7 percentage points.
Gasoline stocks fell by 2.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.8 million-barrel drop.
Distillate stockpiles, which include diesel and heating oil, fell by 622,000 barrels, versus expectations for a 949,000-barrel drop, the EIA data showed.
Net U.S. crude imports rose last week by 336,000 barrels per day.
Reporting By David Gaffen
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