US crude stocks fall on strong exports, fuel inventories rise, EIA says
XLE•Imports fall as exports rise
Net U.S. crude imports fell by 1.18 million barrels per day, the EIA said, while exports rose by 1.41 million bpd to 4.83 million bpd.
Refinery crude runs fell by 256,000 barrels per day last week, the EIA said, while utilization rates fell by 1 percentage point in the week to 96.8%.
Gasoline and distillate inventories rise
U.S. gasoline stocks rose by 794,000 barrels in the week to 207.7 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 1 million-barrel draw.
Distillate stockpiles, which include diesel and heating oil, rose by 1.6 million barrels in the week to 107.9 million barrels, versus expectations for a 71,000-barrel rise, the EIA data showed.
Product supplied, a proxy for demand, rose by 1.94 million bpd during the week to 21.26 million bpd, driven largely by a rise in propane demand.
Crude inventories fall less than expected
U.S. crude stocks fell amid strong exports while gasoline and distillate inventories rose last week, the Energy Information Administration said on Wednesday.
Crude inventories fell by 640,000 barrels to 423.4 million barrels in the week ended September 11, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel draw.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 342,000 barrels in the week, the EIA said.
Analysts say the report was slightly bearish
"Given the demand that is well known here, and that we are able to maintain inventory levels, it makes the report slightly bearish," said John Kilduff at Again Capital in New York.
