EIA: US crude stockpiles rise unexpectedly last week

US crude oil stockpiles rose last week even as refineries hiked output, while gasoline inventories decreased and distillate inventories rose, the Energy Information Administration said.

Crude inventories rose by 5.7 million barrels in the week to July 3, compared with analysts’ expectations in a Reuters poll for a decrease of 3.1 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.206 million barrels, EIA said. Refinery crude runs rose by 314,000 barrels per day, EIA data showed. Refinery utilization rates rose by 2 percentage points.

Gasoline stocks fell by 4.8 million barrels, compared with analysts’ expectations for a slight decrease.

Distillate stockpiles, which include diesel and heating oil, rose by 3.1 million barrels, versus expectations for a 75,000 barrel drop, the EIA data showed.

Net US crude imports rose last week by 2.13 million bpd.