EIA: Energy Information Administration: US crude inventories fell more than expected

Data from the Energy Information Administration on Wednesday showed that US crude oil inventories fell more than expected due to refinery consumption and higher exports, while gasoline inventories rose unexpectedly due to disappointing demand.

Crude stocks fell by 4.6 million barrels in the week ending April 14 to 466 million barrels, four times more than analysts’ expectations in a Reuters poll, as they expected a 1.1 million-barrel decline.

The administration said that oil stocks at the delivery center in Cushing, Oklahoma fell by 1.1 million barrels last week.

It said refinery consumption of crude increased by 259,000 barrels per day, and refinery operating rates rose 1.7 percentage points to 91 percent of their total capacity.

It added that US gasoline inventories rose by 1.3 million barrels to 223.5 million barrels, compared to analysts’ expectations for a decline of 1.6 million barrels. The administration’s data showed a drop in distillate stocks, which include diesel and heating oil, by 400,000 barrels to 112.1 million barrels, while it was expected to drop by 900,000 barrels.

It noted that net US imports of crude fell by 1.74 million barrels per day.