U.S. Crude, Gasoline Inventories Drop Sharply
U.S. crude stocks fell last week as refineries hiked output, while gasoline and distillate inventories dropped, the Energy Information Administration said on Wednesday.
Crude inventories fell by 4.1 million barrels in the week to June 8, compared with analysts' expectations for a decrease of 2.7 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 687,000 barrels, EIA said.
Refinery crude runs rose by 136,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.3 percentage points.
Gasoline stocks fell by 2.3 million barrels, compared with expectations in a Reuters poll for a 443,000-barrel gain.
Distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels, versus expectations for a 200,000-barrel increase, the EIA data showed.
Net U.S. crude imports fell last week by 563,000 barrels per day.
Reporting By David Gaffen