US crude stocks rise with bigger imports, fuel inventories fall, EIA says

By Stephanie Kelly

NEW YORK, May 14 (Reuters) - U.S. crude stocks rose as the nation imported more oil, while gasoline and distillate inventories fell last week ahead of summer driving season, the Energy Information Administration said on Wednesday.

Crude inventories rose by 3.5 million barrels to 441.8 million barrels in the week ended May 9, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel draw.

Net U.S. crude imports USOICI=ECI rose last week by 422,000 barrels per day, the EIA said.

Brent LCOc1 and U.S. West Texas Intermediate CLc1 crude futures extended losses following the data, and both contracts fell around 0.7% at 10:46 a.m. EDT (1446 GMT).

Gasoline and distillate inventories both fell ahead of the start of summer driving season, which typically begins on Memorial Day weekend toward the end of May.

U.S. gasoline stocks USOILG=ECI fell by 1 million barrels in the week to 224.7 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 560,000-barrel draw.​

Distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell by 3.2 million barrels in the week to 103.6 million barrels, the lowest since April 2005. Analysts had expected a 130,000-barrel rise, the EIA data showed.

"The story here is that the farmers are doing a great job of getting the nation’s crop in the ground," said Phil Flynn, an analyst with Prices Futures Group. "And you're seeing some manufacturing demand come back. Overall, that is supportive."

Crude stocks at the Cushing, Oklahoma, delivery hub USOICC=ECI fell by 1.1 million barrels last week, the EIA said.

Refinery crude runs USOICR=ECI rose by 330,000 barrels per day, the EIA said.

Refinery utilization rates USOIRU=ECI rose by 1.2 percentage points in the week.