EIA: US Crude Stocks Unexpectedly Build Despite High Refining Rates

U.S. crude oil stockpiles rose unexpectedly last week even as refineries hiked output to the highest in five months, while gasoline stocks increased sharply as demand eased, the Energy Information Administration (EIA) said June 6.

Crude inventories rose by 2.1 million barrels (bbl) in the week to June 1, compared with analysts’ expectations for a decrease of 1.8 million bbl.

The bulk of that build was due to a sharp increase in stocks on the West Coast, where inventories jumped 2.5 million bbl, the EIA said.