Crude Inventories Post Surprise 4.7M Barrel Rise; Oil Down 2%

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) rose by 4.7 million barrels last week, versus expectations for a decline of nearly 600,000 barrels, the Energy Information Administration said Wednesday.

In the previous week, crude inventories rose by 5.4 million barrels.

The EIA also said that total motor gasoline stockpiles increased by 3.7 million barrels during the week ended May 17, against forecasts for a drop of nearly 816,000. In the earlier week to May 10, gasoline inventories fell by 1.1 million barrels.

Distillate fuel inventories rose by 800,000 barrels last week versus expectations for a drop of 48,000 barrels. In the previous week, distillate stockpiles rose by 84,000 barrels.

Crude oil WTI futures fell about 2% after the release of the weekly EIA data.