AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

NEW YORK: US crude oil stockpiles rose unexpectedly for a second straight week, despite the highest refining rates in six months and lower imports and production, the Energy Information Administration said on Wednesday.

Gasoline inventories increased last week in line with forecasts, while  distillates posted an unexpected drawdown, the statistical arm of the EIA said.

Crude inventories rose 2.2 million barrels in the week to June 7, compared with analysts' expectations for a decrease of 481,000 barrels.

At 485.5 million barrels, commercial stocks were at their highest since July 2017 and about 8% above the five-year average for this time of year, the EIA said.

Crude stocks at the Cushing, Oklahoma, delivery hub for US crude futures  rose 2.1 million barrels, the EIA said.

"The report was mostly bearish, given the sizeable crude oil inventory build," said John Kilduff, a partner at Again Capital Management in New York.

Crude prices extended their losses after the report. US crude futures was down $1.40 a barrel at $51.87, while Brent traded down $1.40 at $60.87 a barrel by 10:55 a.m. EDT (1455 GMT).

Net US crude imports fell last week by 140,000 barrels per day and crude production fell 100,000 bpd from its all-time peak to 12.3 million bpd in the week, it said.

On the demand side, refinery crude runs rose  126,000 bpd as refinery utilization rates jumped  1.4 percentage points to 93.2% of total capacity, their highest  since January, EIA data showed.

"Imports fell and processing increased, but not enough to prevent the inventory build," said Carsten Fritsch, oil analyst at Commerzbank AG in Frankfurt, Germany.

Gasoline stocks rose by 764,000 barrels, compared with analysts' expectations in a Reuters poll for a 743,000-barrel gain.

Distillate stockpiles, which include diesel and heating oil, fell by 1 million barrels, versus expectations for a 1.1 million-barrel increase, the EIA data showed.

Copyright Reuters, 2019

Comments

Comments are closed.