Oil Higher After US Inventories Drop More than Expected

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

Crude inventories fell by 5.2 million barrels in the week to May 5, compared with analysts’ expectations for a decrease of 1.8 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 438,000 barrels, EIA said.

Refinery crude runs fell by 418,000 barrels per day, EIA data showed. Refinery utilization rates fell by 1.8 percentage points.

Gasoline stocks fell by 150,000 barrels, compared with analysts’ expectations in a Reuters poll for a 538,000 barrel-drop.

Distillate stockpiles, which include diesel and heating oil, fell by 1.6 million barrels, versus expectations for a 1.0 million-barrel drop, the EIA data showed.

U.S. crude imports fell last week by 799,000 barrels per day.

via Reuters

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