U.S. crude stocks fell by nearly 10 million barrels last week as refineries hiked output, while gasoline and distillate inventories rose, the Energy Information Administration (EIA) said June 27.
Crude inventories fell by 9.9 million barrels in the last week, compared with analysts' expectations for a decrease of 2.6 million barrels.
Crude stocks at the Cushing, Okla., delivery hub fell by 2.7 million barrels, the EIA said.
Refinery crude runs rose by 115,000 barrels per day (bbl/d), EIA data showed. Refinery utilization rates rose by 0.8 percentage points.
Gasoline stocks rose by 1.2 million barrels, compared with analyst expectations in a Reuters poll for a 1.3 million-barrel gain.
Distillate stockpiles, which include diesel and heating oil, were up by 15,000 barrels, vs. expectations for a 774,000-barrel increase, the EIA data showed.
Net U.S. crude imports fell last week by 512,000 bbl/d.
Recommended Reading
Keeping it Simple: Antero Stays on Profitable Course in 1Q
2024-04-26 - Bucking trend, Antero Resources posted a slight increase in natural gas production as other companies curtailed production.
Oil and Gas Chain Reaction: E&P M&A Begets OFS Consolidation
2024-04-26 - Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
Marathon Oil Declares 1Q Dividend
2024-04-26 - Marathon Oil’s first quarter 2024 dividend is payable on June 10.
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.