US crude stocks rise sharply, oil products mixed-EIA
NEW YORK, Oct 24 (Reuters) - U.S. crude oil stocks rose sharply last week as imports increased and refinery utilization fell, government data showed on Wednesday. Domestic stocks of crude rose by 5.9 million barrels in the week to Oct. 19, the Energy Information Administration reported. Analysts polled in advance by Reuters had forecast a smaller increase of 1.9 million barrels. Imports of crude rose by 476,000 barrels per day to 8.78 million bpd during the week. U.S. oil product stocks were mixed as refinery utilization fell by 0.2 percentage point to 87.2 percent of capacity, compared with analyst expectations for an increase of 0.5 percentage point. U.S. gasoline inventories rose by 1.44 million barrels, compared with analyst expectations for a 700,000-barrel increase. Distillate stocks, which include diesel and heating oil, fell by 646,000 barrels in the week, compared with analyst forecasts for a drop of 900,000 barrels. U.S. gasoline demand over the four weeks to Oct. 19 was down 1.8 percent from year-earlier levels while distillate demand fell 7.7 percent. Crude stocks at Cushing, Oklahoma rose by 40,000 barrels to 44.07 million barrels. U.S. crude futures extended losses after the EIA data, trading down 88 cents at $85.79 a barrel by 10:35 a.m. EDT (1435 GMT). Prices had been down by around 20 cents a barrel before the release of the figures.
(Reporting by Joshua Schneyer; Editing by Dale Hudson)