US Crude Oil, Gasoline Inventories Fell Last Week

The US Energy Information Administration announced Wednesday that crude oil and gasoline inventories in the United States fell last week. The administration, which is the statistical arm of the US Department of Energy, said in a statement that crude inventories fell by 846 thousand barrels to 425.2 million by the end of last week, compared to expectations, a decrease of 2.3 million barrels. It added that crude oil inventories at the delivery center in Cushing, Oklahoma, fell by 668 thousand barrels, while crude consumption in refineries rose by 175 thousand barrels per day during the week. The statement noted that refinery operating rates rose by one percentage point during the past week, indicating that gasoline inventories fell by 2.2 million barrels to 218.4 million, compared to expectations of a decrease of 1.6 million barrels. The EIA data showed that distillate stockpiles, which include diesel and heating oil, rose by 300,000 barrels last week to 123.1 million barrels, compared with expectations for a decline of 1.1 million barrels. The EIA also noted that net U.S. crude imports rose last week by 282,000 barrels per day to 2.9 million. Source: Qatar News Agency