US Crude Oil Inventories Fall More than Expected: EIA

US crude inventories rose by 17.422 million barrels to 424.4 million barrels in the week ended August 7, the most since January 2023 and compared with market expectations for a 1.4 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.768 million barrels in the week. Refinery crude runs increased by 26 thousand barrels per day. Gasoline stocks fell by 0.968 million barrels to 208.7 million barrels, compared with expectations for a 1.2 million-barrel draw. Distillate stockpiles, which include diesel and heating oil, were little changed at 107.2 million barrels, versus expectations for a 1.3 million-barrel fall. Net US crude imports increased by 1.768 million barrels per day.

US crude inventories rose by 2.479 million barrels to 407 million barrels in the week ended July 31, compared with market expectations for a 1.5 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.356 million barrels in the week. Refinery crude runs fell by 183 thousand barrels per day. Gasoline stocks fell by 1.643 million barrels to 209.7 million barrels, compared with expectations for a 1.3 million-barrel draw. Distillate stockpiles, which include diesel and heating oil, fell by 3.473 million barrels in the week to 107.2 million barrels, versus expectations for a 0.2 million-barrel rise. Net US crude imports increased by 297 thousand barrels per day.

US crude inventories fell by 7.167 million barrels to 404.5 million barrels in the week ended July 24, compared with market expectations for a 1.3 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 771 thousand barrels in the week. Refinery crude runs rose by 271 thousand barrels per day. Refinery utilization rates rose by 1.1 percentage points in the week to 97.2%. Gasoline stocks rose by 7 thousand barrels to 211.3 million barrels, compared with expectations for a 715 thousand-barrel draw. Distillate stockpiles, which include diesel and heating oil, rose by 1.062 million barrels in the week to 110.6 million barrels, versus expectations for a 146 thousand-barrel rise. Net US crude imports fell by 237 thousand barrels per day.