U.S. Crude Oil Stocks Rise More Than Expected

By Anthony Harrup

U.S. crude oil stocks grew for a fourth straight week, increasing more than expected while refineries reduced their capacity use last week, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude stocks excluding the Strategic Petroleum Reserve rose by 2.7 million barrels to 460 million barrels in the week ended April 12, and were about 1% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would increase by 600,000 barrels.

Stocks of gasoline and distillate fuels fell from the previous week.

Change in U.S. oil inventories for the week ended April 12:

 
                   Crude       Gasoline      Distillates         Refinery Use 
EIA data:           2.7          -1.2           -2.8                 -0.2 
Forecast:           0.6          -1.0           -0.4                  0.6 
 

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

Write to Anthony Harrup at [e-mail]

(END) Dow Jones Newswires

04-17-24 1056ET