Crude oil, gasoline inventories decline while distillates rise in America

The US Energy Information Administration reported on Wednesday that crude oil inventories fell by 3.4 million barrels to 445.1 million in the week ending July 5, compared to expectations of analysts polled by Reuters that they would decline by 1.3 million.

The administration stated that crude oil inventories at the delivery center in Cushing, Oklahoma, fell by 702 thousand barrels during the week.

She added that crude consumption in refineries rose by 317 thousand barrels per day. The refinery operating rate rose 1.9 percentage points during the week.

The administration confirmed that gasoline stocks fell by two million barrels during the week to 229.7 million, compared to analysts’ expectations in a Reuters poll that they would decline by 0.6 million.

Administration data showed that distillate stocks, which include diesel and heating oil, advanced 4.9 million barrels during the week to 124.6 million, compared to expectations for a rise of 0.8 million.

The administration said that net US imports of crude oil rose by 615,000 barrels per day.