US Crude Oil Inventories Fall More than Expected

US crude inventories fell by 4.306 million barrels to 452.9 million barrels in the week ended May 8, compared with expectations for a 2.1 million barrel draw. Stocks at the Cushing, Oklahoma hub decreased by 1.702 million barrels. Refinery activity increased, with crude runs rising by 370,000 barrels per day and utilisation rates up 0.5 percentage points. Gasoline inventories dropped by 4.084 million barrels to 215.7 million, exceeding forecasts for a 2.85 million barrel decline. Distillate stocks, including diesel and heating oil, rose by 0.190 million barrels to 102.5 million, versus expectations for a 2.83 million barrel draw. Net US crude imports fell by 318 thousand barrels per day over the week.

US crude inventories fell by 2.314 million barrels to 457.2 million barrels in the week ended May 1, compared with expectations for a 3.3 million barrel draw. Stocks at the Cushing, Oklahoma hub decreased by 648,000 barrels. Refinery activity decreased, with crude runs falling by 42,000 barrels per day and utilisation rates down 0.5 percentage points. Fuel stocks also tightened. Gasoline inventories dropped by 2.504 million barrels to 219.8 million, exceeding forecasts for a 2.1 million barrel decline. Distillate stocks, including diesel and heating oil, fell by 1.294 million barrels to 102.3 million, below expectations for a 2.4 million barrel draw. Net US crude imports rose by 1.415 million barrels per day over the week.

US crude inventories fell by 6.233 million barrels to 459.5 million barrels in the week ended April 24, compared with expectations for a 0.2 million barrel draw. Stocks at the Cushing, Oklahoma hub decreased by 796,000 barrels. Refinery activity increased, with crude runs rising by 84,000 barrels per day and utilisation rates up 0.5 percentage points. Fuel stocks also tightened more than expected. Gasoline inventories dropped by 6.075 million barrels to 222.3 million, compared with forecasts for a 2.1 million barrel decline. Distillate stocks, including diesel and heating oil, fell by 4.494 million barrels to 103.6 million, also exceeding expectations for a 2.2 million barrel draw. Net US crude imports fell by 1.968 million barrels per day over the week.