EIA: US crude inventories declined last week, fuel inventories ‎rise

US Energy Information Administration said on Wednesday that US crude oil inventories fell last week, while gasoline and distillate stocks rose.

According to Reuters, crude inventories fell by 4.6 million barrels in the week ending December 1 to 445 million barrels, compared to analysts’ expectations in a Reuters poll of a decline of 1.4 million barrels.

The administration stated that oil inventories at the delivery center in Cushing, Oklahoma, increased by 1.8 million barrels last week.

She said that American refineries’ consumption of crude oil increased by 179,000 barrels per day last week.

Refinery operating rates rose 0.7 percentage points last week

The administration said that gasoline stocks increased by 5.4 million barrels to 223.6 million barrels last week, compared to analysts’ expectations in a Reuters poll of an increase of one million barrels.

Administration data showed that distillate stocks, which include diesel and heating oil, rose by 1.3 million barrels last week to 112 million barrels, compared to expectations of a decrease of 1.5 million barrels.

The report indicated an increase in net US imports of crude oil last week by 2.09 million barrels per day.