Doha: US crude oil inventories fell last week, while stockpiles of gasoline and distillate fuels increased, according to new data from the US Energy Information Administration (EIA). In its weekly report released on Wednesday, the EIA said crude oil stocks declined by 1.9 million barrels to 422.9 million barrels. Analysts had been expecting a smaller draw of about 867,000 barrels. However, crude inventories at the key delivery hub in Cushing, Oklahoma, rose by 543,000 barrels over the same period.
According to Qatar News Agency, the report showed that refinery crude oil inputs increased by 71,000 barrels per day, while refinery utilisation rates edged up by 0.1 percentage point. Gasoline inventories recorded a much larger-than-expected rise, increasing by 5.8 million barrels to 234.3 million barrels, compared with forecasts for a 1.9-million-barrel increase.
Stocks of distillate fuels, which include diesel and heating oil, also rose sharply, climbing by 5 million barrels to 123.7 million barrels. This was more than double market expectations of a 2.2-million-barrel increase. The EIA also said net US crude oil imports fell by 957,000 barrels per day during the week.