U.S. Crude Oil Stocks Post Big Build Amid Lower Refinery Runs

By Anthony Harrup

U.S. crude oil stocks rose sharply last week as exports fell and refineries reduced their capacity use, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 7.3 million barrels to 460.9 million barrels in the week ended April 26, and were about 3% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted a 1.5 million barrel decrease in crude inventories.

Gasoline stocks rose, and distillate fuel inventories declined from the week before.

 
Change in U.S. oil inventories for the week ended April 26: 
 
                   Crude       Gasoline      Distillates         Refinery Use 
EIA data:           7.3           0.3           -0.7                 -1.0 
Forecast:          -1.5          -1.2            0.4                  0.5 
 

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

Write to Anthony Harrup at [e-mail]

(END) Dow Jones Newswires

05-01-24 1058ET