EIA: U.S. crude stocks fall, fuel inventories rise on robust refining
U.S. crude inventories fell, while gasoline and distillates stockpiles rose last week amid strong refining activity, the Energy Information Administration said on Wednesday.
Crude inventories fell by 1.8 MMbbl to 425.7 MMbbl in the week ended December 5, the EIA said in its weekly Petroleum Status Report, compared with analysts' expectations in a Reuters poll for a 2.3-MMbbl draw.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 308,000 bbl in the week, the EIA said. Net U.S. crude imports rose by 212,000 bpd to 2.6 MMbpd.
The report, which is closely watched by market participants for indications of supply and demand, was slightly delayed on Wednesday, marking the second consecutive week it has not landed when expected.
Crude oil futures remained in negative territory following the smaller-than-expected draw in crude inventories and large builds in fuel stocks. Global Brent crude futures LCOc1 were trading at $61.43 a barrel, down $0.51 at 11:02 ET (1601 GMT), while U.S. West Texas Intermediate futures CLc1 were trading down $0.53 to at $57.72 a barrel at that time.
"Crude inventories have drawn modestly, driven by strong refinery runs, but kept in check by firmer imports," said Matt Smith, an analyst with ship tracking firm Kpler. "Robust refining activity has resulted in product inventory builds, despite implied demand climbing last week for both gasoline and distillates," he added.
Refinery crude runs fell by 16,000 bpd in the week, the EIA said, while utilization rates rose by 0.4% to 94.5%. Refinery utilization on the East Coast hit its highest level last week since January 2023.
U.S. gasoline stocks rose by 6.4 MMbbl in the week to 220.8 MMbbl, the EIA said, compared with analysts' expectations in a poll for a 2.8-MMbbl rise.
Distillate stockpiles, which include diesel and heating oil, climbed by 2.5 MMbbl in the week to 116.8 MMbbl, versus expectations for a 1.9-MMbbl rise, the EIA data showed.
Total product supplied, a proxy for demand, rose by 893,000 bpd to 21.1 MMbpd.
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