Energy Information Administration: Decline in Crude Oil and Fuel Stocks in America

The Energy Information Administration announced today, Wednesday, that crude oil, gasoline, and distillate stocks in the United States decreased last week. Crude oil inventories fell by 2.1 million barrels in the week ending September 15 to 418.5 million barrels, compared to analysts' expectations surveyed by Reuters, which projected a decline of 2.2 million. The agency noted that crude oil stocks at the delivery hub in Cushing, Oklahoma, decreased by 2.1 million barrels last week. It added that refinery crude consumption dropped by 496,000 barrels per day last week, with refinery utilization rates declining by 1.8 percentage points during the week. The agency also reported that gasoline inventories in the United States fell by 0.8 million barrels during the week to 219.5 million, compared to analysts' predictions of an increase of 0.3 million. EIA data showed that distillate inventories, which include diesel and heating oil, decreased by 2.9 million barrels during the week to 119.7 million, contrasting with forecasts of a rise of 0.2 million. Additionally, the EIA indicated that net U.S. crude imports fell by 3.04 million barrels per day.