U.S. crude stockpiles fall unexpectedly - EIA | Reuters

By David Gaffen
| NEW YORK

NEW YORK U.S. crude stocks fell unexpectedly last week, the Energy Information Administration said on Wednesday, while gasoline and distillate inventories also declined in a report that analysts said should be supportive for prices.Crude inventories fell by 2.2 million barrels in the week to April 7, compared with analysts' expectations for an increase of 87,000 barrels."A near 2.2 million barrel draw to commercial crude stocks and continued draws to product stocks should provide support to current prices," said Troy Vincent, oil analyst at ClipperData.Oil prices bounced around following the release. Traders attributed the up-and-down action to the drawdown in inventories against another increase in U.S. production, higher inventories at the Cushing, Oklahoma, oil hub, and traders exiting profitable trades after the last two weeks of price gains.

U.S. crude was down 9 cents to $53.31 a barrel as of 11:21 a.m. ET (1521 GMT), while Brent crude dropped 17 cents to $56.06 a barrel. Crude stocks at Cushing rose by 276,000 barrels, EIA said.

Overall domestic production rose to 9.24 million bpd, EIA said, from 9.2 million a week prior.Gasoline stocks fell by 3.0 million barrels, compared with analysts' expectations in a Reuters poll for a 1.7 million-barrel drop. Stocks of gasoline, which had been running above seasonal averages, have dropped for eight consecutive weeks. Last year, an abundance of gasoline supplies hammered refining margins.

Distillate stockpiles, which include diesel and heating oil, fell by 2.2 million barrels, versus expectations for a 885,000-barrel drop, the EIA data showed.Refinery crude runs rose by 268,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.2 percentage points.U.S. crude imports fell last week by 86,000 barrels per day. (Additional reporting By Jessica Resnick-Ault, Devika Krishna Kumar and Ethan Lou; Editing by Frances Kerry)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Apr 12, 2017 22:00 PM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See