EIA: US Weekly Crude Oil Stockpiles Rise

U.S. crude oil stocks rose last week but gasoline and distillate stocks fell even as refining activity increased on strong overall fuel demand, the Energy Information Administration said on Wednesday.

Crude inventories rose by 1 million barrels in the week to Nov. 19, compared with analysts’ expectations for a decrease of 481,000 barrels.

Fuel stocks have continued to decline as product demand remains strong. Gasoline stocks (USOILG=ECI) fell by 603,000 barrels, compared with analysts’ expectations in a Reuters poll for a 461,000-barrel drop. Stocks of gasoline are at their lowest since November 2017.