US crude stocks fall, fuel inventories rise on strong refining, EIA says

“Even with recent small builds in product inventories in EIA reports, oil product inventory levels are way too low,” said Josh Young, chief investment officer at Bison Interests.

The average diesel price rose to record levels last week as renewed hostilities between Iran and the U.S. and Ukrainian attacks on Russian refineries continued to squeeze supply and drive up costs.

U.S. crude oil inventories fell while gasoline and distillate stockpiles rose last week on robust refining activity, the U.S. Energy Information Administration said on Thursday.

Crude inventories fell by 391,000 barrels to 424.1 million barrels in the week ended September 4, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.55 million-barrel draw.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 684,000 barrels in the week, the EIA said.