EIA: U.S. crude stockpiles fall as exports rise; fuel demand drops
- Crude inventories drop by 3.9 MMbbl, surpassing forecast
- Crude exports rise to 3.5 MMbpd
U.S. crude oil stockpiles fell last week as exports rose, while gasoline and distillate inventories rose, prompting some concerns about fuel demand, the Energy Information Administration (EIA) said on Wednesday.
Crude inventories fell by 3.9 MMbbl to 422.2 MMbbl in the week ended July 11, the EIA said, compared with analysts' expectations in a poll for a 552,000-bbl draw.
Crude exports rose by about 760,000 bpd to 3.5 MMbpd, and net U.S. crude imports fell by 395,000 bpd, the EIA said.
Gasoline stocks rose by 3.4 MMbbl in the week to 232.9 MMbbl, the EIA said, compared with expectations for a 1-MMbbl draw.
Distillate stockpiles, which include diesel and heating oil, rose by 4.2 MMbbl in the week to 107 MMbbl, versus forecasts for a 200,000-bbl rise.
In a reflection of demand, product supplied of gasoline fell by 670,000 bpd to 8.5 MMbpd, while product supplied of distillates dropped 245,000 bpd to 3.4 MMbpd.
"(The report is) definitely a little disappointing on the demand side," said Phil Flynn, Price Futures Group. "It’s weighing on the sentiment a little bit."
Immediately following the data, Brent crude and U.S. crude futures extended losses, and the contracts fell to $68.04 and $65.81 a barrel, respectively.
Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures rose by 213,000 bbl, the EIA said.
Refinery crude runs fell by 157,000 bpd, and refinery utilization rates fell by 0.8% to 93.9% of total capacity in the week.
Comments