U.S. crude oil stockpiles fell last week, breaking a 10-week streak of builds, while distillate inventories rose to the highest level in over a year, the Energy Information Administration said on Wednesday.
U.S. weekly unaccounted for crude oil adjustments swung by the second most on record last week, according to the EIA, which has distorted some of the data. “This adjustment number is, for lack of a better word, is a freak show. That is basically why you’re getting a draw,” said Bob Yawger, director of energy futures at Mizuho.
“Gasoline demand is going back down again to depressed levels,” said John Kilduff, partner at Again Capital LLC in New York.
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