A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, near Iraan, Texas, U.S., March 17, 2023.
Gasoline stocks (USOILG=ECI) rose by about 160,000 barrels in the week to 223.5 million barrels, the EIA said, compared with expectations for a 900,000-barrel drop.
"It will reverse the gasoline crack," Yawger said, referring to the profit oil refiners can make producing gasoline from crude.
U.S. crude futures last traded at just over $83 per barrel, while Brent crude futures was around $87.50 a barrel.
Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) rose by 213,000 barrels in the last week, EIA said.
Bing Guan, Bob Yawger, Yawger, Stephanie Kelly, Laura Sanicola, Marguerita Choy
REUTERS, Energy Information Administration, EIA, Mizuho, Brent, Cushing, Net, Thomson
West, Iraan , Texas, U.S, Oklahoma