U.S. crude oil stocks fell more than expected last week, while gasoline and distillate inventories rose more than forecast, the Energy Information Administration (EIA) said Jan. 16.
Crude inventories fell by 2.7 million barrels in the week to Jan. 11, compared with analysts' expectations for a decrease of 1.3 million barrels.
Crude stocks at the Cushing, Okla., delivery hub fell by 743,000 barrels, EIA said. On the U.S. East Coast, crude inventories fell to the lowest level since October 2014.
RELATED: US Set To Become Consistent Net Oil Exporter By Late 2020
U.S. West Texas Intermediate crude futures for February delivery fell 52 cents to $51.59 a barrel by 10:13 a.m. CST (16:13 GMT). Brent crude futures for March delivery fell 29 cents to $60.35 a barrel.
"Any bullish sentiment from the crude draw has been vanquished by emphatic builds to the products—particularly with gasoline, lifting inventories some 6% above the five-year average," said Matthew Smith, director of commodity research at ClipperData in Louisville, Ky.
Refinery crude runs fell by 343,000 barrels per day (bbl/d), EIA data showed. Refinery utilization rates fell by 1.5 percentage points.
Gasoline stocks rose by 7.5 million barrels, compared with analysts' expectations in a Reuters poll for a 2.8 million-barrel gain. U.S. gasoline inventories rose to 255.6 million barrels, the highest weekly level since February 2017, EIA data shows. On the Gulf Coast, gasoline inventories rose to 90.96 million barrels, hitting fresh record highs for the third consecutive week, EIA data shows.
Distillate stockpiles, which include diesel and heating oil, rose by 3 million barrels, vs. expectations for a 1.6 million-barrel increase, the EIA data showed.
"The continued strong rise in oil product stocks is bearish and overshadows the draw in crude oil stocks," said Carsten Fritsch, senior commodities analyst at Commerzbank.
Net U.S. crude imports fell last week by 1.22 million bbl/d.
U.S. crude production rose in the week, climbing about 200,000 bbl/d to a new record of 11.9 million bbl/d.
Recommended Reading
Daniel Berenbaum Joins Bloom Energy as CFO
2024-04-17 - Berenbaum succeeds CFO Greg Cameron, who is staying with Bloom until mid-May to facilitate the transition.
Equinor Releases Overview of Share Buyback Program
2024-04-17 - Equinor said the maximum shares to be repurchased is 16.8 million, of which up to 7.4 million shares can be acquired until May 15 and up to 9.4 million shares until Jan. 15, 2025 — the program’s end date.
Mexico Pacific Appoints New CEO Bairstow
2024-04-15 - Sarah Bairstow joined Mexico Pacific Ltd. in 2019 and is assuming the CEO role following Ivan Van der Walt’s resignation.
Global Partners Declares Cash Distribution for Series B Preferred Units
2024-04-15 - Global Partners LP announced a quarterly cash dividend on its 9.5% fixed-rate Series B preferred units
W&T Offshore Adds John D. Buchanan to Board
2024-04-12 - W&T Offshore’s appointment of John D. Buchanan brings the number of company directors to six.