U.S. crude stocks rise, fuel inventories fall in latest week -EIA
U.S. crude stocks rose unexpectedly last week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday.
Crude inventories rose by 1.2 million barrels in the week to June 12 to 539.3 million barrels, compared with expectations in a Reuters poll for a 152,000-barrel drop. That put crude stocks at another record, even though imports tailed off and there was another drawdown at the Cushing, Oklahoma delivery hub.
Crude stocks at Cushing fell by 2.6 million barrels.
Distillate stockpiles, which include diesel and heating oil, fell by 1.4 million barrels in the week, versus expectations for a 2.4 million-barrel rise, the EIA data showed.
“The most important thing is the distillate draw – it stopped that from breaking the 2010 record. That snapped a 10-week streak of builds, and the market needed that,” said Bob Yawger, director of energy futures at Mizuho in New York.
U.S. gasoline stocks fell by 1.7 million barrels in the week, compared with analysts’ expectations for a 17,000-barrel drop.
Weekly production figures also showed another sharp pullback, partly because offshore production shut down due to Storm Cristobal, analysts said. Weekly output dropped to 10.5 million bpd, down 600,000 bpd.
The weekly output data is based heavily on modeling and is considered less accurate than monthly figures, which are released with a lag.
Crude futures were lower, with U.S. crude down 41 cents, or 1%, to $37.97, while Brent dropped 32 cents to $40.65 a barrel as of 10:47 a.m. ET (1447 GMT).
Net U.S. crude imports fell last week by 245,000 barrels per day in the last week, EIA said.
Refinery crude runs rose by 116,000 barrels per day, while refinery utilization rates rose by 0.7 percentage points.
Source: Reuters (Reporting By David Gaffen; Editing by David Gregorio)