US Oil Inventories Fell by 4.4 Million Barrels Last Week

May 24, 2017 Share Print 0

U.S. crude stocks fell last week as refineries hiked output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.

Crude inventories fell by 4.4 million barrels in the week ended May 19, compared with analysts’ expectations for an decrease of 2.4 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 741,000 barrels, EIA said.

Refinery crude runs rose by 159,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.1 percentage points.

Gasoline stocks fell by 787,000 barrels, compared with analysts’ expectations in a Reuters poll for a 1.2 million barrels drop.

Distillate stockpiles, which include diesel and heating oil, fell by 485,000 barrels, versus expectations for a 743,000 barrels drop, the EIA data showed.

U.S. crude imports rose last week by 165,000 barrels per day.

via Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Bio
Twitter
Google+
Latest Posts

Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.