The Energy Information Administration reported on Wednesday that U.S. crude stockpiles unexpectedly rose last week, as imports increased, and gasoline and distillate stocks fell more than expected.

The EIA reported that crude inventories increased by 244,000 barrels, to 443.1 millions barrels for the week ending April 18. This was compared to analysts' expectations based on a poll of 770,000 barrels.

The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 86,000 barrels in the last week.

The EIA reported that net U.S. crude oil imports increased by 1,14 million barrels a day to 2,000,000 bpd. This is the biggest weekly increase since November 20, 24.

Brent crude futures, and U.S. West Texas Intermediate futures both pared losses following the data despite the surprise build. The benchmarks fell around 2% in the last few minutes of trading.

The EIA reported that refinery crude runs increased by 325,000 bpd, and utilization rates increased by 1.8 percentages points to 88.1%.

Fuel stocks have fallen more than expected despite some improvements in the utilization rate.

The EIA reported that U.S. gasoline inventories fell by 4.5 millions barrels last week, to 229.5million barrels. Analysts had expected a draw of 1.4 million barrels. ?

Stockpiles of distillate, including diesel and heating oil fell by 2.4 millions barrels last week, to 106.9million barrels. This is the lowest level since November 2023. The data revealed that analysts had predicted a drop of 30,000 barrels.

Josh Young, Chief investment officer of Bison Interests, said: "We saw another bullish product inventory decline during the build season." It doesn't appear to reflect a potential decline in demand from Trump's trade war or tariffs yet.

The average four-week supply of jet fuel has risen to 1,86 million bpd. This is the highest level since December 2019. (Reporting and editing by Margueritachoy)

(source: Reuters)