US crude oil and gasoline inventories fell last week, buoyed by stronger demand and exports, while distillate stockpiles rose, the US Energy Information Administration (EIA) said on Wednesday.
Crude inventories fell by 3.2 million barrels to 419 million barrels in the week ended July 18, the EIA said, double analysts’ expectations in a Reuters poll for a 1.6 million-barrel draw.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 455,000 barrels in the week, the EIA said.
US crude exports were up by 337,000 barrels per day (bpd) to 3.86 million bpd, while net US crude imports fell last week by 740,000 barrels per day, the EIA said.
Oil futures pared earlier losses following the larger-than-expected draw. Global benchmark Brent futures were trading at $68.18 a barrel, down 41 cents, by 11:06 a.m. EDT (1506 GMT), while US West Texas Intermediate futures fell 43 cents to $64.88 a barrel.
Refinery crude runs rose by 87,000 barrels per day. Utilization rates in the Gulf Coast refinery hub hit a one-year high at 96.1 percent.
After the data was released, the EIA said in a statement the refinery utilization rate reported for the Rocky Mountain region was inaccurate. The error was based on capacity data reported in the April Petroleum Supply Monthly report, which ran at the end of June.
As a result, both the weekly total US and Rocky Mountain refinery utilization data have been incorrect since June 30.
The EIA is working to correct the issue in its next PSM report, due July 31, an EIA spokesperson said.
Gasoline stocks fell by 1.7 million barrels last week to 231.1 million barrels, the EIA said, also nearly double expectations for a 908,000-barrel draw.
