Crude stocks jump by 9 million barrels as refining activity drops -EIA

Crude oil storage tanks are seen from above at the Cushing oil hub in Cushing, Oklahoma, REUTERS/Nick Oxford.

News wire — U.S. crude stocks rose last week as refineries cut output, while gasoline and distillate inventories fell, the Energy Information Administration said on Thursday.

Crude inventories rose by 9.3 million barrels in the week ended Oct. 11, compared with expectations for an increase of 2.9 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.3 million barrels, EIA said.

Refinery crude runs fell by 220,000 barrels per day, EIA data showed. Refinery utilization rates fell by 2.6 percentage points.

Gasoline stocks fell by 2.6 million barrels, compared with analyst expectations in a Reuters poll for a 1.2 million-barrel drop.

Distillate stockpiles, which include diesel and heating oil, fell by 3.8 million barrels, versus expectations for a 2.4 million-barrel drop, the EIA data showed.

Net U.S. crude imports rose last week by 224,000 barrels per day.