US crude stocks climbed 3 million barrels to 391.7 million barrels in the week that ended April 25, as inventories at the Cushing, Oklahoma, delivery hub rose, data Tuesday from the American Petroleum Institute showed.
Analysts polled by Platts Monday were expecting a smaller, 2.1 million-barrel build in crude stocks, with some anticipating a 1 million-barrel draw at Cushing.
Cushing stocks, however, rose 202,000 barrels to 26.241 million barrels in the week that ended April 25, but were down substantially from 49.7 million barrels in the year-ago period.
In after-hours electronic trade following the API release, NYMEX June crude fell into negative territory, sliding 12 cents to settle at $100.72/barrel. The contract settled 44 cents higher at $101.28/b Tuesday.
The rise in total crude stocks was prompted by a 170,000 b/d increase in US crude imports to 8.23 million b/d, mainly to the US Gulf Coast where imports surged 946,000 b/d to 4.51 million b/d.
The rise in USGC imports was offset by a 410,000 b/d drop in Midwest imports and a 237,000 b/d decline in Atlantic Coast imports.
USGC stocks reached 209.1 million barrels last week, up from 204.1 million barrels the week prior. Those stocks are well above the year-ago level of 189.2 million barrels.
Refiners in the US increased run rates by 0.7 percentage point to 90.5% of capacity last week, compared with expectations of a 0.3 percentage point rise in rates.
API data showed that Midwest refiners increased rates to 93.6% of capacity, from 91.2% of capacity the week prior, while USGC refiners were at 92% of capacity last week from 92.1% previously.
US gasoline stocks were down a marginal 49,000 barrels to 213.8 million barrels last week, according to the API data, far less than estimates of a 1.75 million-barrel draw.
Gasoline stocks on the USAC -- home of the New York delivery point for NYMEX RBOB -- sank 792,000 barrels to 54.9 million barrels. That was offset by a 746,000-barrel increase in gasoline stocks on the USGC.
Gasoline production was 248,000 b/d higher last week at 9.95 million b/d, API said.
Stocks of US distillates rose 688,000 barrels to 112.9 million barrels last week. A 952,000-barrel increase in stocks in the USAC was offset by a 957,000-barrel drop in USGC stocks. In the Midwest, distillate stocks were up 1 million barrels to 27.6 million barrels.
Stocks of ULSD rose 817,000 barrels to 96.15 million barrels last week.
