U.S. crude stocks rose last week, but refineries hiked output, causing gasoline stocks and distillate inventories to decline, the Energy Information Administration said on Wednesday.
Crude inventories rose by 867,000 barrels in the week ending March 24, compared with analysts’ expectations for an increase of 1.4 million barrels.
Refinery crude runs rose by 425,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.9 percentage points.
Gasoline stocks fell by 3.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.9 million barrels drop.
Distillate stockpiles, which include diesel and heating oil, fell by 2.5 million barrels, versus expectations for a 1.2 million barrels drop, the EIA data showed.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 220,000 barrels, EIA said.