Foreign news on June 14, the U.S. Energy Information Administration (EIA) released a report on Wednesday showing that U.S. crude oil inventories unexpectedly increased sharply last week, while gasoline and distillate inventories increased more than expected.
U.S. crude oil inventories rose by 7.9 million barrels in the week to June 9 to 467.12 million barrels, compared with market expectations for a decrease of 510,000 barrels.
Matt Smith, chief oil analyst at Kpler, said: "U.S. crude inventories rose sharply, putting the brakes on today's rally, while the build in refined product inventories was somewhat inevitable given strong refinery runs .”
U.S. refinery capacity utilization fell 2.1%, but remains elevated compared with recent months. Crude oil processing at refineries fell by 61,000 barrels per day for the week.
Oil prices pared gains after the data, having risen by $1 a barrel earlier in the session before turning slightly lower.
Crude inventories at Cushing, Oklahoma, the delivery point for NYMEX crude oil futures, rose by 1.6 million barrels.
EIA data also showed that U.S. gasoline inventories rose by 2.1 million barrels in the week ended June 9, compared with market expectations for an increase of 316,000 barrels.
U.S. distillate stockpiles, which include diesel and heating oil, rose by 2.1 million barrels for the week, compared with market expectations for a rise of 1.2 million barrels.
Andrew Lipow, president of Lipow oil Associates, said: "The overall increase in inventories is definitely not good for the oil market. This continues the trend we have seen in the refined oil market over the past month."
Data showed that net U.S. crude oil imports fell by 810,000 barrels per day last week.
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