The Energy Information Administration released its report on US crude inventories, showing a buildup of 5.8 million barrels in the week ending July 13, compared to a 12.6M drop in the previous reading, while analysts expected a 3.6M decline, with total stocks now up to 411.1 million barrels, which is 2% below the five-year average for this time of year.
Gasoline stocks on the other hand fell 3.2 million barrels, still 5% above five-year averages, while distillate stocks, including heating fuel, fell 0.4 million barrels, making them 13% below averages.