By Liz Moyer
Investing.com — U.S. oil stockpiles unexpectedly rose in the latest week, the Energy Information Administration said on Wednesday.
jumped 1.912 million barrels last week, compared with analysts’ expectations for a draw of 272,000 barrels.
stockpiles, which include diesel and , jumped 3.806 million barrels in the week against expectations for a draw of 122,000 barrels, the EIA data showed.
“The crude build aside, the other big surprise in this dataset was the unexpected jump in distillates,” said Investing.com analyst Barani Krishnan. “That 3.8 million distillates-build was clearly a result of less heating oil being required as temperatures turned warmer last week.”
were 956,000 barrels. The weekly was 5.5%, according to the EIA report.
rose 203,000 barrels last week the EIA said, compared with expectations for a 1.186 million-barrel build.
“On the positive side, the gasoline build was nearly a million barrels lower than forecast. And except for a 100,000 barrels per day rise in production to 11 million bpd, everything else seems benign,” Krishnan said. “This shows that the distortions from the Texas blitz are finally behind us. Most encouraging is the continued improvement in refinery runs, now at 81.6% percent of operable capacity versus last week’s 76.1%. As for today’s price action, the 4% jump is essentially a rebound from the oversold levels we reached in an extremely crunched four-session trade window, where we lost some 11% net. Reports of a temporary vessel blockade in the Suez Canal have helped the rebound as well.”
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