By December 14, 2016 Read More →

US crude stocks down, though inventories up again in Cushing -EIA

US crude stocks

US crude stocks fell by 2.6 million barrels, but stocks at the Cushing, Oklahoma delivery hub rose by 1.2 million barrels. Reuters file photo by Nick Oxford.

US crude stocks rose in Cushing, but fell overall

By David Gaffen

Dec 14 (Reuters) – US crude stocks fell more than expected last week, though they once again rose at the key storage hub in Cushing, Oklahoma, the Energy Information Administration said on Wednesday.

Crude inventories fell by 2.6 million barrels in the week to Dec. 9, compared with analyst expectations for an decrease of 1.6 million barrels. The data was affected by the largest draw in the West Coast since August, where stocks fell by 2.3 million barrels.

Stocks at the Cushing, Oklahoma, delivery hub rose by 1.2 million barrels, EIA said, the sixth build in Cushing out of the last seven weeks.

U.S. crude imports fell last week by 929,000 barrels per day.

“While the report is being interpreted as bullish for crude, helping to pare losses on the day, the drop in imports and a tick higher in refining activity was not wholly unexpected,” said Matt Smith, director of commodity research at ClipperData in Louisville, Kentucky.

Oil prices rose on the news, though crude benchmarks were still lower on the day.

U.S. West Texas intermediate crude was down 39 cents to $52.60 a barrel, but that was a high for the day after hitting a low of $54.76 a barrel earlier in the session.

Brent crude was off by 14 cents at $55.58 a barrel.

Distillate stockpiles, which include diesel and heating oil, fell by 762,000 barrels, versus expectations for a 1 million-barrel increase, the EIA data showed.

Gasoline stocks rose by 497,000 barrels, compared with analysts’ expectations in a Reuters poll for a 2.5 million-barrel gain.

Refinery crude runs rose by 57,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.1 percentage points.

(Reporting By David Gaffen; additional reporting by Scott DiSavino Editing by W Simon)

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