US Crude, Gasoline Stockpiles Rise Unexpectedly: EIA

“There’s nothing good in this report for anybody unless you’re waiting for things to fall apart and to be a buyer on the downside,” Bob Yawger, director of energy futures at Mizuho, said of the EIA report.

Stephanie Kelly, Reuters

U.S. crude oil inventories rose unexpectedly last week as exports fell and refiners lowered their runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration (EIA) said on Aug. 3.

Crude inventories rose by 4.5 million barrels in the week to July 29 to 426.6 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 600,000-barrel drop.

Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. futures rose by 926,000 barrels in the week, the EIA said.

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