US crude, distillate stocks surge in latest week

US crude oil and distillate stocks rose sharply while gasoline inventories decreased, data from industry group the American Petroleum Institute showed.

Crude inventories rose by 8.4 million barrels in the week to June 5 to 539.4 million barrels, compared with analysts’ expectations for a draw of 1.7 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.3 million barrels, API said. Refinery crude runs rose by 391,000 barrels per day.

Gasoline stocks fell by 2.9 million barrels, compared with analysts’ expectations in a Reuters poll for a build of 71,000 barrels.

Distillate fuel inventories, which include diesel and heating oil, rose by 4.3 million barrels, compared with expectations for an increase of 3 million barrels.

US crude imports rose last week by 1.6 million barrels per day, the data showed.