Saturday, July 21, 2018

U.S. Crude Inventories Drop by Nearly 13 mln barrels - EIA

Posted by July 11, 2018

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U.S. crude stocks fell by nearly 13 million barrels last week as refineries cut output, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday.

Crude inventories fell by 12.6 million barrels in the week to July 6, compared with analysts' expectations for an decrease of 4.5 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.1 million barrels, EIA said.

Refinery crude runs fell by 1,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.4 percentage points.

Gasoline stocks fell by 694,000 barrels, compared with expectations in a Reuters poll for a 750,000 barrels drop.

Distillate stockpiles, which include diesel and heating oil, rose by 4.1 million barrels, versus expectations for a 1.2 million-barrel increase, the EIA data showed.

Net U.S. crude imports fell last week by 1.3 million barrels per day. 

Reporting By David Gaffen

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