U.S. Crude Oil Stocks Rise More Than Expected, Refinery Use Eases

By Anthony Harrup

U.S. crude oil stocks rose more than expected last week as refineries reduced their capacity use, according to data released Wednesday by the Energy Information Administration.

Commercial crude-oil stocks excluding the Strategic Petroleum Reserve rose 5.8 million barrels to 457.3 million barrels in the week ended April 5 and were about 2% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would rise by 800,000 barrels.

Stocks of gasoline and distillate fuels rose against expectations of a decline.

 
Change in U.S. oil inventories for the week ended April 5: 
 
                   Crude       Gasoline      Distillates         Refinery Use 
EIA data:           5.8           0.7            1.7                 -0.3 
Forecast:           0.8          -1.4           -0.6                  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

04-10-24 1054ET