US Weekly Gasoline, Diesel Stocks Jump As Refiners Hike Output For Summer - EIA

US gasoline and diesel stockpiles jumped sharply last week as refiners in the world's largest oil consumer boosted production of fuels as the peak summer driving season got underway, data from the Energy Information Administration said on Wednesday

WASHINGTON (UrduPoint News / Sputnik - 09th June, 2021) US gasoline and diesel stockpiles jumped sharply last week as refiners in the world's largest oil consumer boosted production of fuels as the peak summer driving season got underway, data from the Energy Information Administration said on Wednesday.

Gasoline inventories rose by 7.05 million barrels during the week ending on June 4, versus the 1.2 million-barrel forecast by analysts polled by US media. Stockpiles of distillates, which include diesel and heating oil, rose by 4.4 million barrels against expectations for a 1.8 million barrel rise.

Refinery runs rose by 2.

6 percentage points to 91.3 percent, the EIA said.

"Refineries are running flat out to build inventories ahead of summer driving season," economist Adam Button said in a post on ForexLive. "There is already talk of heavy traffic on the roads."

Crude oil stocks, meanwhile, fell by 5.2 million barrels last week versus forecasts for a 3.5 million-barrel drop, as a result of the higher output of fuels.

Analysts have projected one of the biggest ever summer demand periods for fuel in the United States this year as the economy reopens fully from lockdowns and safety measures imposed for the coronavirus pandemic.