Tuesday, December 12, 2017

US Crude Stocks Fall; Big Draw at Cushing Hub

Posted by November 22, 2017

© Steve Oehlenschlager / Adobe Stock

U.S. crude stocks fell last week as refineries hiked output, while gasoline stocks increased and distillate inventories rose, the Energy Information Administration said on Wednesday.


Crude inventories fell by 1.9 million barrels in the week to Nov. 17, compared with analysts' expectations for an decrease of 1.5 million barrels.


Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.8 million barrels, EIA said.


Refinery crude runs rose by 199,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.3 percentage points.


Gasoline stocks unchanged, compared with analysts' expectations in a Reuters poll for a 737,000-barrel gain.


Distillate stockpiles, which include diesel and heating oil, rose by 269,000 barrels, versus expectations for a 1.2 million-barrel drop, the EIA data showed.


U.S. crude imports fell last week by 487,000 barrels per day.

 

(Reporting By David Gaffen)

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