U.S. Crude Oil Stocks Unexpectedly Drop - EIA
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U.S. crude stocks fell unexpectedly last week as imports dropped, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Thursday.
Crude inventories fell by 1.6 million barrels in the week to Feb. 16, compared with analysts' expectations for an increase of 1.8 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.7 million barrels, EIA said.
Net U.S. crude imports fell last week by 1.6 million barrels per day.
Refinery crude runs fell by 329,000 barrels per day, EIA data showed. Refinery utilization rates fell by 1.7 percentage points to 88.1 percent of total capacity.
Gasoline stocks rose 261,000 barrels, compared with analysts' expectations in a Reuters poll for a 283,000-barrel decline.
Distillate stockpiles, which include diesel and heating oil, fell by 2.4 million barrels, versus expectations for a 1.5 million-barrel drop, the EIA data showed.
Reporting By Devika Krishna Kumar
