NEW YORK (Reuters) - U.S. crude oil stockpiles rose unexpectedly last week even as gasoline and distillate inventories fell more than expected, data from the Energy Information Administration showed on Wednesday.
Crude inventories
"On the crude oil front, the EIA report was disappointing at best given the surprise build," said Dominick Chirichella, senior partner at the Energy Management Institute in New York.
"Both PADD 2 (the Midwest) and Cushing built in an area that should have been most impacted by the Canadian wildfires," he said, referring to the blaze began in early May and has cut Canadian oil output by a million barrels per day.
U.S. crude imports
U.S. crude futures (CLc1) turned negative after the report, falling 1 cent to $48.30 a barrel at 11:18 a.m. EDT. Brent crude (LCOc1) fell 4 cents a barrel to $49.24.
Refinery crude runs
Gasoline stocks
Distillate stockpiles
The drawdown of products lent counterbalanced the crude build, said Chris Jarvis, analyst at Caprock Risk Management in Frederick, Maryland.
"Overall, the strength in products, which is now over 20 million barrels per day, and the seasonality heading into peak driving season should give a bullish bias to today’s data points," Jarvis said.