U.S. crude stocks dropped more than expected last week, and gasoline and distillate inventories also fell sharply, the Energy Information Administration said on Wednesday.
Crude inventories fell by 4.7 million barrels in the week to July 14, compared with analysts’ expectations for an decrease of 3.2 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 23,000 barrels, EIA said.
Refinery crude runs fell by 125,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.5 percentage points.
Gasoline stocks fell by 4.4 million barrels, compared with analysts’ expectations in a Reuters poll for a 655,000 barrels drop.
Distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels, versus expectations for a 1.2 million barrels increase, the EIA data showed.
U.S. crude imports rose last week by 576,000 barrels per day.