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US oil stockpiles fall more than expected, gasoline builds: EIA

Wednesday, June 8, 2016 - 23:36

[NEW YORK] US crude stocks fell for the third consecutive week, declining more than expected, while gasoline and distillate inventories had a surprise build, the Energy Information Administration said Wednesday.

Crude inventories fell by 3.2 million barrels in the last week to June 3, compared with analysts' expectations for an decrease of 2.7 million barrels.

The data was mixed as gasoline stocks rose by 1 million barrels, compared with analysts' expectations in a Reuters poll for a 674,000-barrel drop.

Distillate stockpiles, which include diesel and heating oil, rose by 1.8 million barrels, versus expectations for a 125,000-barrel drop, the EIA data showed.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.4 million barrels, EIA said.

Refinery crude runs rose by 211,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.1 percentage points.

US crude imports fell last week by 134,000 barrels per day.

REUTERS