EIA: U.S. crude inventories rose more than expected by 2.6 million barrels last week

The U.S. Energy Information Administration (EIA) on Wednesday released an inventory report showing that U.S. crude oil and distillate inventories increased last week, while gasoline inventories fell. The EIA report showed U.S. crude inventories rose 2.6 million barrels to 439.95 million barrels in the week ended Oct. 21, compared with analysts' expectations of a 1 million barrel increase. Crude inventories at the Cushing, Okla., warehouse rose 667,000 barrels in the latest week.

Refinery crude processing fell by 114,000 barrels a day last week, the EIA said. Refinery capacity utilization slipped 0.6 percentage point and the EIA reported U.S. gasoline inventories fell 1.5 million barrels to 207.89 million barrels in the week ended Oct. 21, compared with analysts' expectations of an 805,000 barrel drop. Distillate inventories, which include diesel and heating oil, rose 170,000 barrels to 106.36 million barrels in the week, compared with expectations of a 1.1 million barrel decline, and the EIA said U.S. net crude imports fell 719,000 barrels a day.