US crude stocks and distillate inventories fall, gasoline stocks rise, EIA says

US crude stocks and distillate inventories fell while gasoline stockpiles rose last week, the Energy Information Administration said on Wednesday.

Crude inventories fell by 7.2 million barrels to 426.5 million barrels in the week ended June 5, the EIA said, compared with analysts’ expectations in a Reuters poll for a 4 million-barrel draw.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 801,000 barrels in the week, the EIA said.

Oil prices rose following the larger-than-expected decline in stocks. Global Brent crude futures were trading at US$92.94 (HK$728.37) a barrel, up US$1.49 at 10:39 a.m. ET (1439 GMT), while US West Texas Intermediate futures were up US$1.91 to US$90.11 a barrel.

Refinery crude runs rose by 81,000 barrels per day in the week, the EIA said, while utilization rates rose by 0.6 percentage points to 95.3 percent.

US gasoline stocks rose by 0.2 million barrels in the week to 215.1 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 0.5 million-barrel draw.

Distillate stockpiles, which include diesel and heating oil, fell by 0.2 million barrels in the week to 102.1 million barrels, versus expectations for a 0.5 million-barrel drop, the EIA data showed.

Net US crude imports rose last week by 525,000 barrels per day, EIA said.

Reuters

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