Larger Than Expected Decline in U.S. Crude and Gasoline Inventories

The U.S. Energy Information Administration reported today, Thursday, that crude oil and gasoline inventories in the country fell more than expected last week, while distillate stocks increased. Crude oil inventories decreased by 6.3 million barrels compared to analysts' expectations in a Reuters survey, which anticipated a decline of 2.1 million barrels. Crude stocks at the delivery point in Cushing, Oklahoma, fell by 1.8 million barrels. Refinery consumption of crude oil rose by 20,000 barrels per day, while refinery utilization rates dropped by 0.2 percent. The administration stated that gasoline inventories in the U.S. fell by 2.7 million barrels during the week, against analysts' expectations in a Reuters survey of a decrease of 950,000 barrels. The data revealed that distillate stocks, which include diesel and heating oil, increased by 700,000 barrels during the week, compared to expectations for a rise of 240,000 barrels. U.S. net crude imports decreased by 250,000 barrels per day.