By Stephanie Kelly
- Crude inventories drop by 3.9 mln bbls, surpassing forecast
- Brent and US crude futures extend losses after EIA report
- Crude exports rise to 3.5 mln bpd, EIA reports
CHICAGO, July 16 – 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 said on Wednesday.
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Crude inventories fell by 3.9 million barrels to 422.2 million barrels in the week ended July 11, the EIA said, compared with analysts’ expectations in a Reuters poll for a 552,000-barrel draw.
Crude exports rose by about 760,000 barrels per day to 3.5 million bpd, and net U.S. crude imports fell by 395,000 bpd, the EIA said.
Gasoline stocks rose by 3.4 million barrels in the week to 232.9 million barrels, the EIA said, compared with expectations for a 1 million-barrel draw.
Distillate stockpiles, which include diesel and heating oil, rose by 4.2 million barrels in the week to 107 million barrels, versus forecasts for a 200,000-barrel rise.
In a reflection of demand, product supplied of gasoline fell by 670,000 bpd to 8.5 million bpd, while product supplied of distillates dropped 245,000 bpd to 3.4 million bpd. “(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 barrels, the EIA said.
Refinery crude runs fell by 157,000 bpd, and refinery utilization rates fell by 0.8 percentage point to 93.9% of total capacity in the week.
Reporting by Stephanie Kelly Editing by Marguerita Choy
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