U.S. crude inventories fell by 4.9 million barrels to 440.2 million barrels in the week ending July 12
U.S. crude oil stockpiles last week fell more than expected, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.
Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. futures fell by 875,000 barrels last week, the EIA said.“The positive element was the large crude inventory draw,” said UBS analyst Giovanni Staunovo. “But implied demand and builds in gasoline and distillate inventories were disappointing,” Staunovo added.
Distillate stockpiles, which include diesel and heating oil, rose by 3.5 million barrels in the week to 128.1 million barrels, versus expectations for a 800,000-barrel drop, the EIA data showed.Refinery crude runs fell by 181,000 barrels per day, and refinery utilization rates fell by 1.7 percentage points in the week.
Week Barrel Barrels Gasoline United States Draw Refinery Staunovo Cushing EIA U.S. Gulf Coast
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