EIA: US crude stocks fall as exports increase; fuel demand falls
Crude inventories fall by 3.9 million bbls and surpass forecast
Brent and US crude oil futures extended losses after EIA Report
EIA reports that crude exports have risen to 3.5 million barrels per day.
By Stephanie Kelly
CHICAGO, 16 JULY - The Energy Information Administration reported on Wednesday that crude oil stocks in the United States fell last week, as exports increased, and gasoline and distillate stockpiles also rose. This has led to some concern about fuel demand.
The EIA reported that crude inventories dropped by 3.9 millions barrels, to 422.2 million in the week ending July 11. This was compared to analysts' expectations based on a poll of a 552,000 barrel draw.
The EIA reported that crude exports increased by 760,000 barrels a day, to 3.5 millions bpd. Meanwhile, net U.S. imports of crude oil fell by 395,000 barrels a day.
The EIA reported that gasoline stocks increased by 3.4 millions barrels during the week, to 232.9million barrels. This was compared to expectations of a one million-barrel withdrawal. ?
Stockpiles of distillate, including diesel and heating oil rose 4.2 million barils in the past week, as opposed to forecasts that predicted a rise of 200,000 barrels.
As a result of the demand, gasoline production fell by 670,000 barrels per day (bpd) to 8.5 millions bpd. Distillates also dropped by 245,000 barrels per day to 3.4million bpd. Price Futures Group's Phil Flynn said that the report was "definitely a bit disappointing" on the demand front. It's slightly affecting the mood. Brent crude and U.S. oil futures both extended their losses immediately following the release of the data. The contracts dropped to $68.04 a barrel and $65.81 per barrel respectively.
The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub for U.S. futures crude oil rose by 213,000 barils.
Refinery crude rundowns fell by 157,000 barrels per day, and refinery utilization fell by 0.8 percent points to 93.9% total capacity during the week. (Reporting and editing by Margueritachoy)
(source: Reuters)
