EIA: Oil, Gasoline Stocks Fall Sharply

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

Crude inventories fell by 7.2 million barrels in the week to July 21, compared with analysts’ expectations for a decrease of 2.6 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.7 million barrels, EIA said.

Refinery crude runs rose by 166,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.3 percentage points.

Gasoline stocks fell by 1 million barrels, compared with analyst expectations in a Reuters poll for a 614,000-barrel drop.

Distillate stockpiles, which include diesel and heating oil, fell by 1.9 million barrels, versus expectations for a 453,000-barrel drop, the EIA data showed.

U.S. crude imports fell last week by 254,000 barrels per day.

Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell