EIA reports that US crude, gasoline, and distillate stocks are falling.

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

The EIA reported that crude inventories dropped by 4.5m barrels, to 413m barrels for the week ending Sept. 20. This was in contrast with the analysts' polled expectations of a 1.4m barrel draw.

Last week, U.S. crude oil inventories, excluding the Strategic Petroleum Reserve (SPR), were at their lowest level since April 2022.

The EIA reported that stocks at Cushing, Oklahoma's delivery hub for U.S. Crude Futures increased by 116,000 barrels.

Following the report, oil futures traded in negative territory. Brent crude traded at $74.26 per barrel by 10:39 am EDT (1438 GMT) and was down about 1.1%. U.S. West Texas intermediate crude futures continued to fall, dropping 93 cents, to $70.62 per barrel.

Refinery crude runs dropped by 124,000 barrels a day. Utilization rates also fell by 1.2 points, to 90.9%.

The EIA reported that gasoline stocks dropped by 1.5 million barrels during the week, to 220.1 millions barrels. This was compared to expectations of 21,000 barrels. ?

The EIA reported that distillate stocks, which includes diesel and heating oil fell by 2.2 millions barrels last week, exceeding expectations of a drop of 1.6 million barrels.

Last week, distillate inventories in the U.S. Gulf Coast region fell by the most since September 2021.

EIA reported that net U.S. crude exports fell by 692,000 barrels per day to 3.9 millions bpd, while imports increased by 826,000 bpd. Reporting by Liz Hampton, Denver Editing by Margueritachoy

(source: Reuters)