US Crude Oil, Fuel Stockpiles Rise as Demand Slackens: EIA

“Today’s inventory stats and overall builds in crude and products are indicative of investor worries on the overall economy,” said Tony Headrick, energy markets analyst at CHS Hedging, following the EIA report.

David Gaffen, Reuters

U.S. crude oil and fuel stockpiles rose last week, bolstered by another big release from strategic reserves, while demand slackened, the Energy Information Administration (EIA) said on July 13.

Crude inventories rose by 3.3 million barrels in the week to July 8 to 423.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 154,000-barrel drop. Stocks in the Strategic Petroleum Reserve fell nearly 7 million barrels to their lowest since August 1985.

Refinery crude runs rose by 202,000 bbl/d in the last week, boosting utilization rates by 0.4 percentage point to 94.9%. U.S. Gulf Coast utilization rates rose to 98.1% as facilities there have been running full-tilt to satiate strong demandand for overseas exports.

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