EIA: US Crude Inventories Notch Surprise Drawdown on Refinery Runs
(Reuters) — U.S. crude oil stockpiles fell unexpectedly last week as refiners cranked out fuel to the highest level since 2019 during the Memorial Day holiday, the Energy Information Administration (EIA) said on Wednesday.
Refinery crude runs (USOICR=ECI) rose by 482,000 barrels per day (bpd), while refinery utilization rates (USOIRU=ECI) increased by 2.7 percentage points in the week to its highest level since August 2019.
"Refiners have to have some sense that demand is pretty good moving forward from here, so that's going to draw down on crude oil storage," said Bob Yawger, director of energy futures at Mizuho.
Crude inventories (USOILC=ECI) fell by 451,000 barrels in the week to June 2, the EIA said. Analysts in a Reuters poll had expected a 1-million-barrel rise.
Oil prices were little changed following the data. Brent crude futures were up 92 cents, or 1.2%, at $77.25 a barrel at 1442 GMT, while U.S. West Texas Intermediate crude futures gained $1.15, or 1.6%, to $72.93.
Gasoline and diesel stocks rose during the period, the EIA said, but remained below last year's inventory levels.
Gasoline stocks (USOILG=ECI) rose by 2.7 million barrels in the week, the EIA said, compared with analysts' expectations for an 880,000-barrel rise.
Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, rose by nearly 5.1 million barrels in the week, versus expectations for a 1.3-million-barrel rise, the EIA said.
"Refiners need to build up those stocks...if we lose a refinery, if there's a disruption, it's kind of a Red Sox bullpen: there's no one really there," said Phil Flynn, an analyst at Price Futures group.
Net U.S. crude imports (USOICI=ECI) rose by 1.6 million bpd, the data showed.
Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) rose by 1.7 million barrels last week, the EIA said.
Related News
Related News

- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- Court Ruling Allows MVP’s $500 Million Southgate Pipeline Extension to Proceed
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- TC Energy’s North Baja Pipeline Expansion Brings Mexico Closer to LNG Exports
Comments