EIA: US Crude, Fuel Stockpiles Fall as Imports Drop
(Reuters) — U.S. crude oil, gasoline and distillate inventories fell last week, as net imports dropped, the Energy Information Administration said on Wednesday.
Crude inventories fell by 600,000 barrels in the week to July 21 to 456.8 million barrels, the EIA said, much less than analysts' expectations in a Reuters poll for a 2.3-million-barrel drop.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.6 million barrels last week, the EIA said.
Net U.S. crude imports fell by 1.58 million barrels per day, the EIA said.
Refinery crude runs fell by 107,000 bpd, and refinery utilization rates slipped 0.9 percentage point to 93.4% of total capacity.
"Even though the inventory draws were not as great as expected, the continued draws along with the Strategic Petroleum Reserve purchases of oil and unscheduled refinery outages will support the markets," said Andrew Lipow, president of Lipow Oil Associates in Houston.
Oil prices extended losses after the data, with Brent LCOc1 and U.S. West Texas Intermediate crude CLc1 futures both falling over 30 cents to $83.30 a barrel and $79.25 a barrel, respectively, by 10:45 a.m. EDT (1445 GMT).
Gasoline stocks USOILG=ECI fell by 786,000 barrels in the week to 217.6 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.7-million-barrel drop.
Distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell by 245,000 barrels in the week to 117.9 million barrels, versus expectations for a 301,000-barrel drop.
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