US Weekly Oil Inventories Drop by 4.7M Barrels

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.

West Texas Intermediate graph

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.

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