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Oil stocks decline, gasoline inventories up

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US crude stocks fell for the ninth straight week as refineries hiked output, while gasoline stocks unexpectedly rose, the US Energy Information Administration said on Wednesday.

[NEW YORK] US crude stocks fell for the ninth straight week as refineries hiked output, while gasoline stocks unexpectedly rose, the US Energy Information Administration said on Wednesday.

Crude inventories fell by 2.3 million barrels in the week to July 14, compared with analysts' expectations for a decrease of 2.1 million barrels.

Gasoline stocks rose by 911,000 barrels, compared with the Reuters poll forecast for no change.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 189,000 barrels, the first increase in five weeks, EIA said.

Refinery crude runs rose by 319,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.9 percentage points.

Distillate stockpiles, which include diesel and heating oil, fell by 214,000 barrels, versus expectations for a 600,000-barrel increase, the EIA data showed.

US crude imports rose last week by 293,000 barrels per day.

REUTERS

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