US Crude Inventories Fell 3.6M barrels and Gasoline Rose by 3.4M barrels

U.S. crude stocks fell last week as refineries hiked output, while gasoline stocks increased and distillate inventories rose, the Energy Information Administration said on Wednesday.

Crude inventories USOILC=ECI fell by 3.6 million barrels in the week to April 21, compared with analysts’ expectations for an decrease of 1.7 million barrels.



Crude stocks at the Cushing, Oklahoma, delivery hub USOICC=ECI fell by 1.2 million barrels, EIA said.

Refinery crude runs USOICR=ECI rose by 347,000 barrels per day, EIA data showed. Refinery utilization rates USOIRU=ECI rose by 1.2 percentage points.

Gasoline stocks USOILG=ECI rose by 3.4 million barrels, compared with analysts’ expectations in a Reuters poll for a 1 million-barrel drop.

Distillate stockpiles USOILD=ECI, which include diesel and heating oil, rose by 2.7 million barrels, versus expectations for a 1 million-barrel drop, the EIA data showed.

U.S. crude imports USOICI=ECI rose last week by 515,000 barrels per day.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza