U.S. crude stocks fell while gasoline and distillate inventories rose in the week ending June 6, the Energy Information Administration said on Wednesday.
Crude inventories fell by 3.6 million barrels to 432.4 million barrels in the week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2 million-barrel draw.
Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell by 403,000 barrels in the week, the EIA said.
Crude futures fell following the report, despite the larger than expected draw, but were still trading in positive territory. Brent crude was trading at $68.19 a barrel, up $1.32 at 10:43 a.m. EDT (1443 GMT), while U.S. West Texas Intermediate (WTI) futures were at $66.5 a barrel, up $1.51 at that time.
Refinery crude runs (USOICR=ECI) rose by 228,000 barrels per day in the week ended, the EIA said, while utilization rates (USOIRU=ECI) rose by 0.9 percentage points in the week to 94.3%.
U.S. gasoline stocks (USOILG=ECI) rose by 1.5 million barrels in the week to 229.8 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 0.9 million-barrel build.
Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, rose by 1.2 million barrels in the week to 108.9 million barrels, versus expectations for a 0.8 million-barrel rise, the EIA data showed.
Net U.S. crude imports (USOICI=ECI) rose last week by 451,000 barrels per day, EIA said.
Source: Reuters