The U.S. Energy Information Administration (EIA) reported on Wednesday
that crude inventories rose by 3.730 million barrels in the week ended June 7, following an
increase of 1.233 million barrels in the previous week. This marked the largest weekly gain in the
U.S. crude inventories since late April. Economists had projected a draw of 1.550 million barrels.
At the same
time, gasoline stocks jumped by 2.566 million barrels, the
most since the week ended January 19 (+4.91 million barrels). Analysts had forecast
an advance of 1.250 million barrels. The previous week recorded a surge of 2.102
million barrels.
Elsewhere,
distillate stocks rose by 0.881 million barrels, the least in three weeks. Analysts had expected a
build of 0.500 million barrels. The previous week recorded a climb of 3.197 million
barrels.
Meanwhile, oil
production in the U.S. grew by 100,000 barrels a day to 13.200 million barrels
per day, recording its first increase in 14 weeks.
U.S. crude oil
imports averaged 8.3 million barrels per day last week, logging a rise of 1.2
million barrels per day from the week before.