U.S. crude stocks fell last week as refineries raised output, while gasoline inventories rose amid faltering demand, data from the Energy Information Administration showed on Wednesday.
Crude inventoriesfell 2.4 million barrels in the week to July 4, slightly more than analysts' expectations for a decrease of 2.2 million barrels.
Gasoline stockpilesrose 579,000 barrels, compared with analysts' expectations in a Reuters poll for a 217,000-barrel drop. Gasoline demand over the past four weeks was at 9.04 million barrels per day, down 0.4 percent versus the same period last year.
"Gasoline demand didn’t grow as expected and that disappointment is showing in the negative reaction," said Phil Flynn, analyst at Price Futures Group in Chicago, Illinois.
U.S. crude pricesextended losses after the report and fell $1 to $102.40 per barrel. By 11:04 a.m. EDT (1504 GMT) prices had rebounded slightly to $102.69, down 71 cents on the day.
Crude stocks at the Cushing, Oklahoma, delivery hubrose 447,000 barrels, while crude imports inched up 20,000 bpd, the EIA said.
Refinery crude runsedged up 34,000 bpd, or 0.2 percentage point to 91.6 percent of total capacity, EIA data showed.
Source: Reuters
Distillate stockpiles, which include diesel and heating oil, rose 227,000 barrels, versus expectations for a 1.2-million-barrel increase, the EIA data showed.
Source: Reuters
Crude inventories
Gasoline stockpiles
"Gasoline demand didn’t grow as expected and that disappointment is showing in the negative reaction," said Phil Flynn, analyst at Price Futures Group in Chicago, Illinois.
U.S. crude prices
Crude stocks at the Cushing, Oklahoma, delivery hub
Refinery crude runs
Source: Reuters
Distillate stockpiles
Source: Reuters
