US crude oil inventories rise as gasoline stocks fall

US crude oil inventories increased last week, while gasoline stocks declined following a drop in refinery activity in the Midwest.

The US Energy Information Administration reported on Wednesday that crude oil stocks rose by 3 million barrels to 426.4 million barrels in the week ending September 18. Crude inventories at the Cushing, Oklahoma, distribution hub climbed by 2.2 million barrels to 23.7 million barrels. Oil futures pared some gains after the report was released.

The agency said refinery crude runs fell by 519,000 barrels per day during the week, and refinery utilization rates dropped by 2.8 percentage points to 94%.

Refinery utilization in the Midwest fell to 86%, down from 100% the previous week.

The administration noted that distillate inventories, including diesel and heating oil, decreased by 428,000 barrels to 107.4 million barrels, compared with expectations for a 633,000-barrel decline. US gasoline stocks fell by 1.7 million barrels to 206 million barrels during the week.

The agency added that US net crude oil imports rose by 369,000 barrels per day last week.