US crude, gasoline and distillate inventories all rose last week, the Energy Information Administration said on Thursday, in a delayed weekly report that landed against expectations for draws across the board.
Commercial crude stocks rose by 4.7 million barrels to 414.4 million barrels in the week ended November 6, compared with analysts expectations in a Reuters poll for a 1.1 million barrel draw. Total commercial petroleum inventories increased by 11.4 million barrels. Crude stocks at Cushing, Oklahoma rose by 106,000 barrels.
Gasoline stocks rose by 1.8 million barrels to 210.8 million barrels, about 1 percent above the five year average, against expectations for a small draw. Distillate stockpiles, which include diesel and heating oil, rose by 4.1 million barrels to 103.3 million barrels, against expectations for a drop of about 1 million barrels, and remained about 8 percent below the five year average. Crude stocks overall were about 4 percent below the five year average.
Refineries ran 17.0 million barrels a day of crude, up 322,000 barrels a day from the previous week, at 95.2 percent utilisation, and crude imports rose by 325,000 barrels a day to 6.7 million barrels a day.
The broad build matters because it arrives the same morning the IEA reported global supply surpassing demand in October for the first time since the war began. The US data do not end product tightness, distillates are still below average, but they remove the argument that American stocks are still draining.