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US crude stocks fall in week with Cushing down most since Feb 2014: EIA

Wednesday, September 16, 2015 - 22:46
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Oil plunged to a 12-year low in New York on speculation slower economic growth in China will curb fuel demand, worsening a worldwide oversupply.

[NEW YORK] US crude stocks fell last week, with inventories at the Cushing delivery hub declining the most in more than a year, while gasoline and distillate inventories rose, data from the Energy Information Administration showed on Wednesday.

Crude inventories fell by 2.1 million barrels in the last week, compared with analysts' expectations for an increase of 1.2 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.906 million barrels, EIA said. The withdrawal was the biggest draw at Cushing since February, 2014.

Refinery crude runs rose by 403,000 barrels per day, EIA data showed. Refinery utilization rates rose by 2.2 percentage points.

Gasoline stocks rose by 2.8 million barrels, compared with analysts' expectations in a Reuters poll for a 21,000-barrel decrease.

Distillate stockpiles, which include diesel and heating oil, rose by 3.1 million barrels, versus expectations for a 1.0 million barrels increase, the EIA data showed.

US crude imports fell last week by 270,000 barrels per day.

REUTERS

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