By Liz Hampton
(Reuters) – HOUSTON, Dec 10 – U.S. crude inventories fell, while gasoline and distillates stockpiles rose last week amid strong refining activity, the Energy Information Administration said on Wednesday.
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Crude inventories fell by 1.8 million barrels to 425.7 million barrels in the week ended December 5, the EIA said in its weekly Petroleum Status Report, compared with analysts’ expectations in a Reuters poll for a 2.3 million-barrel draw.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 308,000 barrels in the week, the EIA said. Net U.S. crude imports rose by 212,000 barrels per day 2.6 million bpd.
The report, which is closely watched by market participants for indications of supply and demand, was slightly delayed on Wednesday, marking the second consecutive week it has not landed when expected.
Crude oil futures remained in negative territory following the smaller-than-expected draw in crude inventories and large builds in fuel stocks. Global Brent crude futures were trading at $61.43 a barrel, down 51 cents at 11:02 ET (1601 GMT), while U.S. West Texas Intermediate futures were trading down 53 cents to at $57.72 a barrel at that time.
“Crude inventories have drawn modestly, driven by strong refinery runs, but kept in check by firmer imports,” said Matt Smith, an analyst with ship tracking firm Kpler. “Robust refining activity has resulted in product inventory builds, despite implied demand climbing last week for both gasoline and distillates,” he added.
Refinery crude runs fell by 16,000 barrels per day in the week, the EIA said, while utilization rates rose by 0.4% to 94.5%. Refinery utilization on the East Coast hit its highest level last week since January 2023.
U.S. gasoline stocks rose by 6.4 million barrels in the week to 220.8 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.8 million-barrel rise.
Distillate stockpiles, which include diesel and heating oil, climbed by 2.5 million barrels in the week to 116.8 million barrels, versus expectations for a 1.9 million-barrel rise, the EIA data showed.
Total product supplied, a proxy for demand, rose by 893,000 bpd to 21.1 million bpd.
Reporting by Liz Hampton in Denver; Editing by Chizu Nomiyama
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