U.S. Crude Oil Stocks Rise By 3.7 Million Barrels in Unexpected Build

By Anthony Harrup

U.S. crude oil stocks increased last week as the country produced and imported more oil while exporting less, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 3.7 million barrels to 459.7 million barrels in the week end June 7, and were about 4% 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 fall by 1.2 million barrels.

Stocks of gasoline and distillate fuels also rose from the previous week.

 
Change in U.S. oil inventories for the week ended June 7: 
 
                   Crude       Gasoline      Distillates         Refinery Use 
EIA data:           3.7           2.6            0.9                 -0.4 
Forecast:          -1.2           unch           0.9                 -0.3 
 

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

06-12-24 1059ET