U.S. gasoline stocks hit record high
U.S. gasoline stockpiles grew for an 11th consecutive week to an all-time high while crude oil and distillate inventories fell last week, the Energy Information Administration said.
U.S. gasoline stocks rose by 1.7 million barrels in the week to a record 260 million barrels, the EIA said, compared with analyst expectations for a 3.1 million-barrel rise.
Total motor gasoline inventories were about 4% above the five-year average for this time of year, the EIA said.
Distillate stockpiles, which include diesel and heating oil, fell by 1.2 million barrels in the week to 146 million barrels, versus expectations for a 1 million-barrel rise, the data showed.
U.S. Gulf Coast distillate inventories rose 71,000 barrels to 46.8 million barrels, their highest since September 2017.
Over the past four weeks, gasoline supplied was down by 1.4% from the same period last year, while distillate demand dropped 8.3% year-on-year.
(Reporting By New York Energy Desk Editing by Marguerita Choy)
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