U.S. crude stocks rose last week as oil production hit 11 million barrels a day for the first time in history, the Energy Information Administration said on Wednesday, Reuters reports.
Crude inventories USOILC=ECI rose by 5.8 million barrels in the week to July 13, compared with analysts’ expectations for a decrease of 3.6 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub USOICC=ECI fell by 860,000 barrels, EIA said.
Refinery crude runs USOICR=ECI fell by 413,000 barrels per day, EIA data showed. Refinery utilization rates USOIRU=ECI fell by 2.4 percentage points.
Gasoline stocks USOILG=ECI fell by 3.2 million barrels, compared with analysts’ expectations in a Reuters poll for a drop of 44,000 barrels.
Distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell by 371,000 barrels, versus expectations for a 873,000-barrel increase, the EIA data showed.
Net U.S. crude imports USOICI=ECI rose last week by 2.2 million barrels per day.