U.S. crude oil, gasoline, distillate inventories witness strong decline
(MENAFN) The U.S. energy Information Administration (EIA) reported on Wednesday a significant decline in crude oil, gasoline, and distillate inventories for the week ending June 28. Crude oil inventories fell by a substantial 12.2 million barrels, bringing the total to 448.5 million barrels. This decrease far exceeded analysts' expectations, which had predicted a reduction of around 680,000 barrels. Despite this overall decline, crude oil stocks at the Cushing, Oklahoma, delivery hub saw an increase of 345,000 barrels last week.
In the same period, refinery crude runs rose by 260,000 barrels per day, and refinery utilization rates increased by 1.3 percent, indicating higher activity at refineries. Additionally, U.S. gasoline stocks experienced a decline of 2.2 million barrels, bringing the total to 231.7 million barrels. This decrease was also more significant than analysts' expectations, which forecasted a drop of 1.3 million barrels.
Distillate stockpiles, which include diesel and heating oil, fell by 1.5 million barrels to 119.7 million barrels, compared to the anticipated decline of 1.2 million barrels. This data from the EIA highlights notable reductions in various fuel inventories, reflecting changes in supply and demand dynamics within the U.S. energy market.
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