EIA says US crude, gas inventories fall more than expected: Reuters
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Crude inventories (USOILC=ECI) declined by 1.5 million barrels in the latest week to 452.2 million barrels, compared to a 1 million barrel reduction predicted by experts in a Reuters poll.
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The Centenario deep-water drilling platform off the coast of Veracruz, Mexico, in the Gulf of Mexico, pictured on Nov. 22, 2013 (AP)
The Energy Information Administration said on Thursday that US oil supplies drew more than expected on robust refining demand, while petrol stocks posted a large draw due to an increase in driving last week.
Crude inventories (USOILC=ECI) declined by 1.5 million barrels in the latest week to 452.2 million barrels, compared to a 1 million barrel reduction predicted by experts in a Reuters poll.
According to EIA, crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell by 400,000 barrels in the ending week of June 30, EIA said.
John Kilduff, partner at Again Capital LLC in New York, stated that the refining run rate is "high enough to put pressure on inventories," adding that "gasoline demand was extraordinary and reflective of the July 4th holiday travel."
According to the EIA, refinery crude runs (USOICR=ECI) dropped by 224,000 barrels per day in the previous week.
Refinery utilization rates (USOIRU=ECI) decreased by 1.1 percentage points to 91.1% last week.
The EIA reported that US petrol stockpiles (USOILG=ECI) decreased by 2.5 million barrels last week to 219.5 million barrels, compared to a 1.4 million barrel decline predicted by experts in a Reuters poll.
Distillate stockpiles (USOILD=ECI), which comprise diesel and heating oil, declined by 1 million barrels last week to 113.4 million barrels, compared to forecasts for a 300,000 barrel increase, according to EIA data.
The EIA reported that net US crude imports (USOICI=ECI) increased by 1.9 million barrels per day.
Oil prices, on the other hand, brushed aside the upbeat EIA data and fell on expectations of a rate rise in the US.
At 11:23 a.m. ET (15:23 GMT), Brent oil prices were down $1.34, or 1.6%, at $75.31, while US crude futures were down $1.16, or 1.7%, at $70.61.
