U.S. crude, gasoline and diesel inventories all fell in the latest week as gasoline demand hit a record high, the Energy Information Administration (EIA) said Aug. 2.
Crude inventories fell by 1.5 million barrels (bbl) in the week to July 28, compared with analysts' expectations for a decrease of 3 million bbl.
Crude stocks at the Cushing, Okla., delivery hub fell by 39,000 bbl, the EIA said.
"Refiners continue to run at a high rate to capture strong crack spread margins," said David Thompson, executive vice president at Powerhouse, an energy-specialized commodities broker in Washington. "This will continue to underpin demand for crude."
Estimated gasoline demand data included in the report showed demand at 9.842 million bbl in the week, the highest on record.
West Texas Intermediate crude futures for September delivery were up 25 cents to $49.41/bbl by 10:32 a.m. CDT (15:32 GMT). Brent crude futures for October delivery rose 38 cents to $52.16/bbl.
Gasoline stocks fell by 2.5 million bbl, compared with analysts' expectations in a Reuters poll for a 636,000-bbl drop.
Distillate stockpiles, which include diesel and heating oil, fell by 150,000 bbl, vs. expectations for a 525,000-bbl drop, the EIA data showed.
Refinery crude runs rose by 123,000 bbl/d, EIA data showed. Refinery utilization rates rose by 1.1 percentage points.
U.S. crude imports rose last week by 537,000 bbl/d.
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