US crude stocks fall in week, but Cushing inventories reach new high: EIA
[NEW YORK] US crude stocks fell last week as refineries cut output, while gasoline and distillate inventories rose, data from the Energy Information Administration showed on Wednesday.
Crude inventories fell by 754,000 barrels in the last week, compared with analysts' expectations for an increase of 3.6 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 523,000 barrels, EIA said. The increase brought stockpiles at the hub to a new record.
Refinery crude runs fell by 105,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.5 percentage points.
Gasoline stocks rose by 1.3 million barrels, compared with analysts' expectations in a Reuters poll for a 417,000 barrels gain.
Distillate stockpiles, which include diesel and heating oil, rose by 1.3 million barrels, versus expectations for a 1.6 million barrels drop, the EIA data showed.
US crude imports fell last week by 1.132 million barrels per day.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish