US Oil Inventories Fell by 4.4 Million Barrels Last Week

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 4.4 million barrels in the week ended May 19, compared with analysts’ expectations for an decrease of 2.4 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 741,000 barrels, EIA said.

Refinery crude runs rose by 159,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.1 percentage points.

Gasoline stocks fell by 787,000 barrels, compared with analysts’ expectations in a Reuters poll for a 1.2 million barrels drop.

Distillate stockpiles, which include diesel and heating oil, fell by 485,000 barrels, versus expectations for a 743,000 barrels drop, the EIA data showed.

U.S. crude imports rose last week by 165,000 barrels per day.

via 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.

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