EIA: US crude inventories surge past forecasts

The Energy Information Administration released its report on crude stocks, showing a buildup of 6.5 million barrels in the week ending October 12, adding to the 6 million increase in the previous reading, while analysts expected only a 1.6 million addition, with total stocks now up to 416.4 million barrels, 2% above five-year averages for this time of year. 

Gasoline stocks fell 2.0 million barrels, still 7% above five-year averages, while distillate stocks, including heating fuel, fell 0.8 million barrels, making them 3% below averages.