Wednesday, 11 June 2014

U.S. crude oil inventories fall more than expected

U.S. crude stocks fell last week, while gasoline and distillate stocks increased, data from the Energy Information Administration showed on Wednesday.

Crude inventories fell 2.6 million barrels in the week ending June 6, more than forecasts for a 1.9-million-barrel drawdown from analysts polled by Reuters.

Crude stocks at the Cushing, Oklahoma, delivery hub fell 198,000 barrels, while crude imports inched up by 23,000 barrels per day.

Refinery crude runs fell by 510,000 barrels per day, as utilization dropped 2.9 percentage points to 87.9 percent of total capacity.

Gasoline stocks rose 1.7 million barrels, compared with analysts' expectations of a 843,000 barrel gain.

Distillate stockpiles , which include diesel and heating oil, rose 860,000 barrels, versus expectations for a 1.2-million-barrel increase, the EIA data showed.


Source: Reuters

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