New York — Crude oil futures tumbled early Wednesday after the US Energy Information Administration reported a larger-than-expected 6.81 million barrel build in US crude inventories.
At 1452 GMT, October ICE Brent was down $1.91 at $70.55/b, while September NYMEX crude was down $2.19 at $64.85/b.
Analysts polled by S&P Global Platts were looking for crude stocks to draw by 1.7 million barrels, as refiners maintained high runs.
Even though inputs of crude climbed 383,000 b/d to 17.98 million b/d last week, putting refinery operations at 98.1% of capacity, crude imports climbed 1.08 million b/d to 9.01 million b/d, while crude exports slipped 258,000 b/d to 1.59 million b/d.
US West Coast crude stocks increased 2.59 million barrels to 52.02 million barrels last week, while US Atlantic Coast crude stocks were up 2.1 million barrels at 15 million barrels.
Crude imports into the USWC climbed 806,000 b/d to 2.21 million b/d, while imports into the USAC were up 481,000 b/d at 1.256 million b/d, the EIA data showed.
A 1.64 million-barrel stock increase at the NYMEX crude futures delivery point of Cushing, Oklahoma, was particularly bearish for NYMEX crude, as it was the first stock build since mid-May.
US gasoline inventories fell 740,000 barrels last week to 233.13 million barrels. A 788,000-barrel draw in USAC stocks could be supportive for the New York-delivered NYMEX RBOB contract.
US distillate stocks climbed 3.57 million barrels last week to 129 million barrels, the EIA data showed. The increase was led by a 2.71 million-barrel climb in the USGC to 39.76 million barrels.
Refined products were following crude lower Wednesday. At 1452 GMT, September NYMEX RBOB was trading 4.53 cents lower at $1.9888/gal, while September ULSD was down 5 cents at $2.0787/gal.
