US gasoline inventories fall as refiners cut rates
3/23/2016 12:00:00 AM
March 23 (Reuters) -- US crude stocks rose last week as refineries cut output and imports jumped, while gasoline stocks fell sharply, new data from the Energy Information Administration showed on Wednesday.
Crude inventories rose by 9.4 million bbl in the last week to their another consecutive record, three times larger than analysts' expectations for an increase of 3.1 million bbl.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.258 million bbl, declining for the first time in seven weeks, EIA said.
Refinery crude runs fell by 176,000 bpd, EIA data showed. Refinery utilization rates dropped by 0.6 percentage points.
Gasoline stocks fell by 4.6 million bbl, compared with analysts' expectations in a Reuters poll for a 1.5-million bbl drop.
Distillate stockpiles, which include diesel and heating oil, rose by 917,000 bbl, versus expectations for a 1.1-million bbl drop, the EIA data showed.
US crude imports rose last week by 691,000 bpd.
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