Saturday, June 24, 2017

US Oil Stockpiles Decline After Nine-week Rising Streak - EIA

Posted by March 15, 2017

U.S. crude stocks fell last week, dropping after nine consecutive increases, while gasoline and distillate inventories declined more than expected, the Energy Information Administration said on Wednesday.


Crude inventories fell by 237,000 barrels in the last week, compared with analysts' expectations for an increase of 3.7 million barrels.


Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.13 million barrels, EIA said.


The stockpiles have been closely watched by oil traders eager to determine whether a November agreement to cut output from the Organization of the Petroleum Exporting Countries is reducing a global supply glut.


Gasoline stocks fell by 3.1 million barrels, compared with analysts' expectations in a Reuters poll for a 2 million-barrel drop.


Distillate stockpiles, which include diesel and heating oil, fell by 4.2 million barrels, versus expectations for a 1.7 million-barrel drop, the EIA data showed.


Refinery crude runs fell by 20,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.8 percentage points.


U.S. crude imports fell last week by 565,000 barrels per day.

 

(Reporting by Jessica Resnick-Ault in New York)

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