CHICAGO — US crude oil stockpiles fell last week as exports rose, while gasoline and distillate inventories rose, prompting some concerns about fuel demand, the Energy Information Administration said on Wednesday.
Crude inventories fell by 3.9 million barrels to 422.2 million barrels in the week ended July 11, the EIA said, compared with analysts’ expectations in a Reuters poll for a 552,000-barrel draw.
Crude exports rose by about 760,000 barrels per day to 3.5 million bpd, and net US crude imports fell by 395,000 bpd, the EIA said.
Gasoline stocks rose by 3.4 million barrels in the week to 232.9 million barrels, the EIA said, compared with expectations for a 1 million-barrel draw.
Distillate stockpiles, which include diesel and heating oil, rose by 4.2 million barrels in the week to 107 million barrels, versus forecasts for a 200,000-barrel rise.
In a reflection of demand, product supplied of gasoline fell by 670,000 bpd to 8.5 million bpd, while product supplied of distillates dropped 245,000 bpd to 3.4 million bpd.
“(The report is) definitely a little disappointing on the demand side,” said Phil Flynn, Price Futures Group. “It’s weighing on the sentiment a little bit.”
