The administration added that crude inventories rose by 1.2 million barrels to 455.9 million barrels in the week ending May 31, compared to expectations of analysts polled by Reuters that they would decline by 2.3 million barrels.
The administration said that crude oil inventories at the delivery center in Cushing, Oklahoma, increased by 854 thousand barrels.
It stated that crude consumption in refineries rose by 61,000 barrels per day to 17.1 million barrels per day, which is the highest level since December 2019. The refinery operation rate increased by 1.1 percentage points during the week to 95.4 percent of total capacity, which is the highest level in a year.
The administration stated that gasoline stocks increased by 2.1 million barrels during the week to 230.9 million barrels, which is slightly more than analysts’ expectations in a Reuters poll that they would rise by two million barrels.
Administration data showed that distillate stocks, which include diesel and heating oil, rose by 3.2 million barrels during the week to 122.5 million barrels, compared to expectations for an increase of 2.5 million barrels.
The administration said that net US imports of crude oil rose by 13,000 barrels per day last week.
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