Thursday, July 18, 2019

U.S. Crude Oil Stockpiles Decline More Than Expected Last Week

Posted by September 6, 2018

© pollux / Adobe Stock

U.S. crude stocks fell more than expected in the latest week, while gasoline and distillate inventories rose, the Energy Information Administration said on Thursday.

Crude inventories fell by 4.3 million barrels in the last week, compared with analysts' expectations for a decrease of 1.3 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 549,000 barrels, EIA said.

Refinery crude runs rose by 81,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.3 percentage points.

Gasoline stocks rose by 1.8 million barrels, compared with analysts' expectations in a Reuters poll for a 810,000-barrel drop.

Distillate stockpiles, which include diesel and heating oil, rose by 3.1 million barrels, versus expectations for a 742,000-barrel increase, the EIA data showed.

Net U.S. crude imports rose last week by 500,000 barrels per day.

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