EIA: US crude and distillate stocks fall; gasoline increases last week

The U.S. Energy Information Administration reported on Thursday that crude oil and distillate stocks in the United States fell last week while gasoline inventories rose.

The EIA reported that crude inventories dropped by 1 million barges in the week ended Jan. 17, to 411.7 million bars, marking the 9th consecutive weekly decrease. A poll of analysts had predicted a draw of 1.6 million barrels.

The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 148,000 bbls.

Crude futures extended their losses after the data showed the smaller-than-expected drawdown. Brent crude oil, the global benchmark, was trading at $78.3 per barrel at 12:13 pm EST (1713 GMT), down 70 cents. U.S. West Texas intermediate crude was at $74.79, down 66 cents.

The EIA reported that refinery crude runs fell by 1.1 millions barrels per day and utilization rates dropped by 5.8 percentage point in a week to 85.9%.

The EIA reported that gasoline stocks increased by 2.3 millions barrels during the past week, to 245,9 million barrels. This is in line with analyst's predictions.

Data showed that distillate stocks, which includes diesel and heating oil fell by 3.1 millions barrels last week, as opposed to expectations of a 300,000.

The EIA reported that net U.S. crude oil imports increased by 184,000 barrels a day last week. Reporting by Liz Hampton, Denver; Editing and proofreading by Marguerita Chôy

(source: Reuters)