API reports 11.6 million barrel US crude stockpile increase

U.S. crude stocks rose more than five times the forecast last week, while gasoline and distillate inventories drew more than expected, industry group the American Petroleum Institute said on Tuesday.

Key points from the report (via Reuters)

• Crude inventories rose by 11.6 million barrels in the week to March 3 to 529.6 million, compared with analysts' expectations for an increase of 2 million barrels.
• Crude stocks at the Cushing, Oklahoma, delivery hub rose by 788,000 barrels
• Refinery crude runs rose by 103,000 barrels per day
• Gasoline stocks fell by 5 million barrels, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel decline
• Distillate fuels stockpiles, which include diesel and heating oil, fell by 2.9 million barrels, compared with expectations for a 900,000-barrel drop
• U.S. crude imports rose last week by 691,000 barrels per day to 8.4 million bpd .