U.S. Crude Oil Inventories Fall More Than Expected

By Anthony Harrup

U.S. crude oil inventories fell much more than expected last week, along with declines in gasoline and distillate fuels as refineries raised their capacity use, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 12.2 million barrels to 448.5 million barrels in the week ended June 28, and were about 4% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 1.1 million barrels.

Stocks of gasoline and distillate fuels also fell more than expected from the previous week.

 
Change in U.S. oil inventories for the week ended June 28: 
 
                   Crude       Gasoline      Distillates         Refinery Use 
EIA data:         -12.2          -2.2           -1.5                  1.3 
Forecast:          -1.1          -1.1           -0.6                  0.6 
 

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

Write to Anthony Harrup at [e-mail]

(END) Dow Jones Newswires

07-03-24 1053ET