US crude stocks register steepest gain since March 2017: EIA

US crude oil stockpiles jumped by 8 million barrels in the week to Sept. 28, its steepest gain in a week since March 2017, the Energy Information Administration (EIA) said on Wednesday.

The increase was driven by rising build at the US storage hub in Cushing, Oklahoma, and a drop in exports.

Crude oil inventories now stand at 404 million barrels, excluding the US strategic reserve.

According to the EIA, the net US crude imports rose last week by 1.1 million barrels per day (mbd) as exports fell 913,000 barrels per day (bpd). Over the past four weeks, crude oil imports averaged about 7.8 mbd, 10.2 percent more than the same four-week period last year.

Meanwhile, US crude oil refinery inputs averaged 16.6 mbd, which was 77,000 bpd more than the previous week’s average. Refineries operated at 90.4 percent of their operable capacity, the EIA noted.