US Crude Oil and Distillate Stocks Decline, Gasoline Rise

The US Energy Information Administration said on Wednesday that US crude oil and distillate stocks fell, while gasoline inventories rose, in the week ending May 2.

According to Reuters, the administration added that crude inventories fell by 2 million barrels to 438.4 million barrels last week, compared to analysts’ expectations in a poll for a decrease of 833,000 barrels.

The administration reported that crude inventories at the Cushing, Oklahoma, delivery hub fell by 740,000 barrels.

Refinery crude oil throughput fell by 7,000 barrels per day, while refinery utilization rates rose by 0.4 percentage points during the week.

The administration said that US gasoline inventories rose by 0.2 million barrels during the week to 225.7 million barrels, compared to expectations for a decrease of 1.6 million barrels.

The data showed that distillate stocks, which include diesel and heating oil, fell by 1.1 million barrels during the week to 106.7 million, compared to expectations for a decline of 1.3 million barrels.

The Energy Information Administration added that net US crude oil imports rose last week by 673,000 barrels per day.