In its weekly report released on Thursday, the Energy Information Administration (EIA) indicated declines in U.S. crude oil stocks, gasoline inventories, and distillate supplies for the week ending June 14.
According to the EIA, crude oil inventories decreased by 2.5 million barrels to 457.1 million barrels, slightly exceeding analysts’ expectations of a 2.2 million-barrel draw as per a Reuters poll. Meanwhile, stocks at the Cushing, Oklahoma delivery hub increased by 307,000 barrels during the same period.
The report also highlighted a decline in refinery crude runs, down by 282,000 barrels per day, and a decrease in refinery utilization rates by 1.5 percentage points.
Gasoline inventories registered a notable decline, decreasing by 2.3 million barrels to 231.2 million barrels, contrary to expectations of a 600,000-barrel build as forecasted in the Reuters poll.
Distillate stockpiles, which include diesel and heating oil, saw a reduction of 1.7 million barrels to 121.6 million barrels, whereas analysts had anticipated a modest rise of 300,000 barrels.
Additionally, the EIA reported a decline in net U.S. crude oil imports by 2.48 million barrels per day.
The latest data from the EIA underscores ongoing fluctuations in U.S. energy markets amidst shifting supply and demand dynamics both domestically and globally.
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