US crude, gasoline stockpiles fall, distillates build, EIA data shows

The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude and gasoline inventories decreased last week while distillate stocks increased.

Data showed that crude stocks dropped by 846,000 barges to 425.2 million bars in the week ending August 23. This was far below what analysts had predicted in a poll, which expected a draw of 2.3 million barrels.

The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 668,00 barrels during the past week.

The global benchmark Brent and U.S. Crude futures both extended their losses after the data revealed the lower than expected draw.

Refinery crude production increased by 175,000 barrels a day (bpd) and refinery utilization rate rose by one percentage point, to 93.3%.

The EIA reported that gasoline stocks dropped by 2.2 millions barrels during the week, to 218.4million barrels. This was a much larger drop than the forecast of 1.6 million barrels.

U.S. futures for gasoline pared losses after the data.

The data revealed that distillate stocks, which includes diesel and heating oil rose by 300,000. This was compared to expectations of a 1.1-million barrel drop.

The U.S. Heating Oil Futures have extended their losses following the data.

The EIA reported that net U.S. crude oil imports increased by 282,000 barrels per day last week. (Reporting and editing by Marguerita Choy in Houston)

(source: Reuters)