US crude oil inventories rose, but gasoline and distillate inventories fell last week, according to US Energy Information Administration data on Wednesday.
The administration added that crude inventories rose by 1.4 million barrels to 448.5 million in the week ending March 1, compared to analysts’ expectations in a Reuters poll for an increase of 2.1 million.
It also revealed that crude oil stocks at the delivery center in Cushing, Oklahoma, rose by 701,000 barrels last week.
Administration data stated that crude inputs to the refinery rose by 594 thousand barrels per day, while refinery operating rates rose by 3.4% in the week ending March 1.
Its data also stated that gasoline stocks in the United States fell by 4.5 million barrels in the week to 239.7 million, compared to analysts’ expectations in a Reuters poll for a decrease of 1.6 million.
The data showed that distillate stocks, which include diesel and heating oil, fell by 4.1 million barrels in the week to 117 million, compared to expectations for a decrease of 665 thousand barrels.
The administration said that US crude imports rose last week by 928,000 barrels per day.
