EIA: U.S. crude stocks fall, gasoline and distillate inventories rise as refining activity increases
- Crude stocks fell by 3.6 MMbbl, exceeding analysts' expectations
- Gasoline and distillate inventories rose more than expected
- Refinery crude runs increased, utilization rates reached 94.3%
U.S. crude stocks fell last week as refining activity picked up, driving gasoline and distillate inventories higher, the Energy Information Administration (EIA) said on Wednesday.
Crude inventories fell by 3.6 MMbbl to 432.4 MMbbl in the week ended June 6, the EIA said, compared with analysts' expectations in a poll for a 2-MMbbl draw.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 403,000 bbl in the week, the EIA said.
Crude futures fell following the report, despite the larger than expected draw, but were still trading in positive territory.
Refinery crude runs rose by 228,000 bpd in the week ended, the EIA said, while utilization rates rose by 0.9% to 94.3%. Net inputs of crude oil to refineries rose last week to its highest level since December 2019, according to the data.
"Utilization is picking up seasonally, and refining margins are still signaling reasonably strong demand," said Josh Young, chief investment officer at Bison Interests.
U.S. gasoline stocks rose by 1.5 MMbbl in the week to 229.8 MMbbl, the EIA said, compared with analysts' expectations in a Reuters poll for a 0.9-MMbbl build.
Distillate stockpiles, which include diesel and heating oil, rose by 1.2 MMbbl in the week to 108.9 MMbbl, versus expectations for a 0.8-MMbbl rise, the EIA data showed.
The four-week average product supplied for distillate fuel fell last week to 3.458 MMbpd, its lowest since April 2024.
Net U.S. crude imports rose last week by 451,000 bpd, the EIA said. The U.S. did not receive any imports of crude from Saudi Arabia for the first time since January 2021, according to the data.
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