U.S. Crude Oil Inventories Drop on Higher Refining

U.S. Energy Information Administration (EIA) data showed on Wednesday last week, U.S. crude oil inventories fell more than expected, due to the refinery to maintain a high capacity utilization.While gasoline inventories fell, but distillate stocks increased.

When the week, the United States crude oil inventories fell 2.1 million barrels ended August 22, analysts had estimated reduction of 1.3 million barrels.

EIA said Cushing, Oklahoma crude oil inventories increased by 50.8 million barrels, a slight increase of 8.4 million barrels per day of imports.

EIA data also showed that refinery capacity utilization rose 0.1 percentage points to 93.5%.

Gasoline inventories fell 96 million barrels, analysts polled by Reuters accessible to reduce the estimated 110 million barrels.

Andy Lebow, vice president of Jefferies Bache in New York, said, "throughout the report is neutral, according to this report, I will neither buy nor sell."

Including diesel and heating oil, distillate stocks rose 1.3 million barrels, 44.3 million barrels analysts expected to decrease.

Distillate demand around the mean increase of 5.2% over the previous year, to 390 million barrels.

"With the focus to heating oil, distillate inventories rose also bearish on oil prices, but the increase in distillate demand, partly offset by the increase in bearish inventory factors." Again Capital LLC in New York partner John Kilduff said.