US Crude Oil Inventories Unexpectedly Rise

Crude oil inventories in the US rose by 1.825 million barrels in the week ending May 17, 2024, after a 2.508 million decrease in the previous period and compared with market expectations of a 2.55 million barrel decline, the EIA Petroleum Status Report showed.

Crude stocks at the Cushing, Oklahoma, delivery hub increased by 1.325 million barrels, after a 0.341 million decrease.

Also, distillate stockpiles, which include diesel and heating oil, went up by 379 thousand barrels, versus consensus for a 380 thousand fall.

On the other hand, gasoline stocks decreased by 945 thousand barrels, below market expectations of a 1.20 million barrel draw.