US Crude Stocks Fall, Gasoline and Distillate Inventories Rise, EIA Says

By Liz Hampton and Georgina McCartney

(Reuters) – U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration said on Wednesday.

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Crude inventories fell by 2.3 million barrels to 423.8 million barrels in the week ended January 23, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.8 million-barrel rise.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 278,000 barrels in the week, the EIA said.

Oil futures were steady following the report. Global Brent crude futures were trading at $68.18 a barrel (1536 GMT), up 61 cents at 10:35 a.m. ET, while U.S. West Texas Intermediate futures were trading up 67 cents at $63.06 a barrel.

Refinery crude runs fell by 395,000 barrels per day, the EIA said, while utilization rates fell by 2.4 percentage points in the week to 90.9%.

U.S. gasoline stocks rose by 0.2 million barrels in the week to 257.2 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1 million-barrel build.

Distillate stockpiles, which include diesel and heating oil, rose by 0.3 million barrels in the week to 132.9 million barrels, versus expectations for a 0.6 million-barrel drop, the EIA data showed.

Net U.S. crude imports fell by 1.71 million barrels per day, EIA said.

Reporting by Liz Hampton in Denver;

(Updates to include price reaction)