US crude oil inventories increased by 2.969 million barrels to 426.4 million barrels in the week ended September 18, defying market expectations for a 0.6 million-barrel draw. Stockpiles at the Cushing, Oklahoma, delivery hub rose by 2.266 million barrels to 23.7 million barrels. Refinery crude runs declined by 519,000 barrels per day, and refinery utilization rates fell by 2.8 percentage points to 94% over the week.
Gasoline inventories decreased by 1.686 million barrels to 206 million barrels, compared with consensus forecasts for a 0.1 million-barrel build. Distillate stockpiles, which include diesel and heating oil, slipped by 0.4 million barrels to 107.4 million barrels, a smaller draw than the expected 0.6 million barrels. Net US crude imports increased by 369,000 barrels per day.
