EIA: U.S. crude stocks fall, fuel inventories rise
U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration (EIA) said on Wednesday.
Crude inventories fell by 959,000 bbl to 414.6 MMbbl in the week ended Jan. 3, the EIA said, compared with analysts' expectations in a Reuters poll for a 184,000-bbl draw.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.5 MMbbl. Brent and U.S. crude futures extended losses after the data showed a larger-than-expected drop in crude stocks.
Refinery crude runs rose by 45,000 bpd, the EIA said.
Refinery utilization rates rose by 0.6% in the week to 93.3%.
U.S. gasoline stocks rose by 6.3 MMbbl in the week to 237.7 MMbbl, the EIA said, compared with analysts' expectations for a 1.5-MMbbl build.
U.S. gasoline futures extended gains after the data showed a drop in crude stocks.
Distillate stockpiles, which include diesel and heating oil, rose by 6.1 MMbbl in the week to 128.9 MMbbl, versus expectations for a 600,000-bbl rise, the EIA data showed.
U.S. heating oil futures extended losses after the larger-than-expected build in distillate stocks.
Net U.S. crude imports rose last week by 278,000 bpd to 3.35 MMbpd, the EIA said
Weekly crude exports fell 776,000 bpd to 3.08 MMbpd.
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