June 2, 2023

The US Energy Information Administration reported today, Wednesday: oil and gasoline stocks in the US fell last week, while stocks of distillates rose.

Data from the administration, a state agency, showed that crude oil inventories fell by 7.5 million barrels over the past week to 473.7 million barrels.

He added that oil inventories at a delivery center in Cushing, Oklahoma, fell by 1.6 million barrels last week.

It says that the consumption of crude oil by US refineries increased last week by 437 thousand barrels per day. Refinery operating numbers fell 1.7 percentage points during the week.

On the other hand, gasoline inventories fell 2.9 million barrels to 226.7 million barrels, compared to analysts’ expectations in a Reuters poll of a 1.6 million barrel decline.

The Energy Information Administration said stockpiles of distillates, including diesel and heating oil, increased by 0.3 million barrels over the past week to 116.7 million barrels, while they were expected to fall by 1.5 million barrels.

He added that US net imports of crude oil fell by 499,000 barrels a day last week.

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