US CRUDE INVENTORIES FALL UNEXPECTEDLY

Washington, – US crude oil stockpiles fell unexpectedly last week, while distillate inventories rose sharply, the Energy Information Administration’s (EIA) data showed on Wednesday.

Crude inventories USOILC=ECI fell 884,000 barrels in the week to Nov. 25, compared with analysts’ expectations for an increase of 636,000 barrels.

That came despite a notable increase in stocks at the key Cushing, Oklahoma, delivery hub for US crude futures, where inventories USOICC=ECI rose by 2.4 million barrels, EIA said.

Distillate stockpiles USOILD=ECI, which include diesel and heating oil, rose 5 million barrels, versus expectations for a 1.3 million-barrel increase, the EIA data showed.

US crude imports USOICI=ECI fell last week by 35,000 barrels per day while refinery crude runs USOICR=ECI slipped by 114,000 bpd as utilization rates USOIRU=ECI fell by 1 percentage point, EIA data showed.

Source: Qatar News Agency