Crude Oil Inventories Build Unexpectedly as Gasoline and Distillate Supplies Tighten
The US Energy Information Administration's weekly inventory figures showed mixed results for the week ending September 25. Crude oil inventories increased by 922,000 barrels, exceeding expectations of a modest draw of -0.264 million barrels.
This unexpected build in crude oil stocks would normally weigh on oil prices, but larger-than-expected declines in gasoline and distillate inventories may cushion that pressure. Distillate inventories fell by 2.251 million barrels, substantially more than expected, while gasoline stocks declined by 1.684 million barrels.
The data also showed an increase in crude stocks at Cushing, the Oklahoma delivery hub for West Texas Intermediate crude futures, rising to +0.555 million barrels from a prior week's build of +2.266 million.