US crude and gasoline stocks fall, distillates rise, EIA says
USO•US crude inventories fell 3.06 million barrels to 412.5 million, and gasoline stocks fell 2.95 million barrels to 205.3 million. Distillate inventories rose 1.68 million barrels to 104.3 million.
1. Crude inventories decline
Crude inventories fell by 3.06 million barrels in the week ended October 16 to 412.5 million barrels, compared with analysts’ expectations for a 820,000-barrel draw. Stocks at the Cushing, Oklahoma, delivery hub rose 987,000 barrels. Refinery crude runs increased by 34,000 barrels per day, while utilization fell 0.1 percentage points to 93.4%.
2. Fuel stocks diverge
Gasoline inventories fell by 2.95 million barrels to 205.3 million barrels, versus expectations for a 443,000-barrel draw. Distillate stockpiles, which include diesel and heating oil, rose by 1.68 million barrels to 104.3 million, compared with expectations for a 1.16 million-barrel decline. Net US crude imports increased by 837,000 barrels per day.
