(Reuters) – HOUSTON, Oct 29 – U.S. crude stocks and gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories dropped by 6.86 million barrels to 416 million barrels in the week ended October 24, the EIA said, compared with analysts’ expectations in a Reuters poll for a 211,000-barrel fall.
Global Brent and U.S. crude oil futures rose after the data showed larger-than-expected stock draws of crude and products last week.
Get the Latest US Focused Energy News Delivered to You! It’s FREE:
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.33 million barrels, the EIA said.
Refinery crude runs dropped by 511,000 barrels per day, while utilization rates fell by 2 percentage points to 86.6%.
U.S. gasoline stocks dropped by 5.94 million barrels in the week to 210.7 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.9-million-barrel draw.29dk2902l
Distillate stockpiles, which include diesel and heating oil, fell by 3.36 million barrels to 112.2 million barrels, versus expectations for a 1.74 million-barrel drop, the EIA data showed.
U.S. gasoline and ultra-low sulfur diesel futures extended gains after the data.
Net U.S. crude imports fell by 1.03 million bpd, EIA said.
Reporting by Liz Hampton in Denver and Georgina McCartney in Houston Editing by Rod Nickel
(Adds oil prices in paragraph 3, gasoline and diesel prices in paragraph 8)
Share This:
More News Articles
