EIA: US Crude Stocks Build As Refiners Sharply Cut Runs

U.S. crude oil stockpiles rose last week as refineries sharply reduced output for seasonal maintenance, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration (EIA) said Sept. 26.

After five consecutive weeks of drawdowns to the lowest levels since February 2015, crude inventories rose 1.9 million barrels to 396 million barrels in the week to Sept. 21. The build was unexpected as analysts forecast a decrease of 1.3 million barrels.

Refinery crude runs fell by 901,000 barrels per day (bbl/d), EIA data showed. Refinery utilization rates fell by 5 percentage points to 90.4%, the lowest since May, driven by seasonal declines in Midwest and East Coast refining activity.