EIA update: U.S. crude stocks fall, gasoline and distillate inventories rise
U.S. crude stocks fell while gasoline and distillate inventories rose in the week ending December 27, the U.S. Energy Information Administration (EIA) said on Thursday.
Crude inventories fell by 1.2 MMbbl to 415.6 MMbbl last week, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.8-MMbbl draw.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 142,000 bbl last week, the EIA said.
Global Brent crude futures were trading at $76.21 a barrel, up $1.57 a barrel, and U.S. West Texas Intermediate was at $73.39 a barrel, up $1.67.
Refinery crude runs rose by 41,000 bpd, and utilization rates rose by 0.2% in the week, according to the EIA.
U.S. gasoline stocks rose by 7.7 MMbbl in the week to 231.4 MMbbl, the EIA said, compared with analysts' expectations in a Reuters poll for a 300,000-bbl build.
Gasoline futures pared gains following the larger-than-expected build.
Distillate stockpiles, which include diesel and heating oil, rose by 6.4 MMbbl in the week to 122.9 MMbbl, vs. expectations for a 100,000-bbl drop, the EIA data showed.
Net U.S. crude imports rose last week by 323,000 bpd, the EIA said.
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