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U.S. crude and gasoline inventories fell last week, distillate stocks rose: EIA

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Crude stocks at the Cushing, Oklahoma, delivery hub fell by 702,000 barrels in the week ended July 5

U.S. crude and gasoline stocks fell by more than expected last week as refineries ramped up activity, while distillate stocks rose, the Energy Information Administration said on Wednesday.Crude inventories fell by 3.4 million barrels to 445.1 million barrels in the week ended July 5, the EIA said on Wednesday, compared with analysts’ expectations in a Reuters poll for a 1.3 million-barrel draw.

Refinery crude runs rose by 317,000 barrels per day, while utilization rates rose by 1.9 percentage points in the week, the EIA said. “Despite higher refining activity, gasoline inventories drew amid ongoing strong implied demand ahead of the long holiday weekend,” Smith said.

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