US crude stocks fall on hurricane production shut-ins; distillate inventories fall, EIA says
USO•US crude inventories fell 8.6 million barrels to 415.6 million in the week ended October 9, exceeding expectations for a 288,000-barrel draw, as Hurricane Isaias shut in production. Distillate stocks fell 2.5 million barrels, while gasoline inventories rose 3.5 million barrels.
1. Crude inventories fall
US crude inventories fell by 8.6 million barrels to 415.6 million barrels in the week ended October 9, the Energy Information Administration said. Analysts had expected a 288,000-barrel draw. As much as 71.5% of oil output was shut in by Hurricane Isaias, with platforms and rigs evacuated.
2. Fuel stocks diverge
Distillate stockpiles fell by 2.5 million barrels to 102.6 million, against expectations for a 1.6 million-barrel drop. Diesel stocks fell by 2.15 million barrels to 91.58 million, about 12% below the five-year average for October. Gasoline inventories rose by 3.5 million barrels to 208.3 million, compared with expectations for a 0.5 million-barrel draw.
3. Refinery activity rises
Refinery crude runs rose by 135,000 barrels per day, and utilization increased 0.8 percentage point to 93.5%. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.9 million barrels, while net US crude imports fell by 596,000 barrels per day.
