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US oil stockpiles rise 2.9m barrels as futures surge

US oil stockpiles rise 2.9m barrels as futures surge

Mubasher: US crude oil inventories climbed by 2.9 million barrels to 425.6 million barrels in the week ended 4 October, the Energy Information Administration (EIA) said.

This came well below the estimated build-up of 4.1 million reported by the industry-funded American Petroleum Institute (API).

Total motor gasoline stockpiles went down by 1.2 million barrels, while distillate fuel inventories fell by 3.9 million barrels.

US crude refinery runs averaged 15.7 million barrels per day (bpd) during the week, declining 361,000 bpd from the prior week’s average, the EIA’s weekly report said.

Moreover, refineries operated at 85.7% of their operating capacity last week.

US crude imports went down by 67,000 bpd, averaging 6.2 million bpd, compared to the previous week, the EIA said.

Following the release of the EIA report, US Nymex crude futures jumped by 1.04% to $53.18 per barrel (pb), while international benchmark Brent futures rose by 0.84% to $58.73 pb.