U.S. crude stocks jump for second week as refiners, imports ebb
U.S. crude stocks surged far more than expected for a second week in a row as refineries cut output and imports slipped, while fuel inventories were mixed, data from the Energy Information Administration showed on Wednesday.
Crude inventories rose by 7.1 million barrels in the last week, compared with analysts’ expectations for an increase of 2.7 million barrels. U.S. oil prices lurched more than 50 cents lower after the data, extending light earlier losses to trade below $82 a barrel.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 953,000 barrels, EIA said.
Refinery crude runs fell by 113,000 barrels per day, EIA data showed.
Gasoline stocks fell by 1.3 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.0 million barrels drop.
Distillate stockpiles, which include diesel and heating oil, rose by 1.0 million barrels, versus expectations for a 1.3 million barrels drop, the EIA data showed.
U.S. crude imports fell last week by 263,000 barrels per day. (Reporting by Josephine Mason)
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