US crude, fuel inventories fall last week, EIA

The Energy Information Administration reported on Thursday that U.S. crude, gasoline, and distillate stocks fell last week.

The EIA reported that crude inventories dropped by 2.2 millions barrels, to 420.6 million in the week ending Oct. 11. This was in contrast with the analysts' polled expectations of a 1.8-million barrel increase.

Crude oil stocks at Cushing, Oklahoma's delivery hub, rose by 108,000 barrels during the past week.

Crude production increased by 100,000 barrels per daily (bpd), reaching a record of 13.5 million bpd. Meanwhile, net U.S. imports dropped by 1,04 million bpd and weekly crude exports increased by 329,000 bpd.

U.S. and Brent crude futures both extended their gains following the surprise inventory reduction.

The week's refinery utilization rate increased by one percentage point to 87.7%, and the crude oil runs in refineries rose by 165,000 barrels per day.

The EIA reported that gasoline stocks dropped by 2.2m barrels last week, to 212.7m barrels. Analysts had expected a draw of 1.5m barrels.

The data has reversed the losses in U.S. futures gasoline.

The EIA reported that distillate stocks, which includes diesel and heating oil fell by 3.5 millions barrels last week, as opposed to the expected 2.2 million barrel drop.

The U.S. Heating Oil Futures continued to gain after the data.

(source: Reuters)