U.S. commercial crude oil inventories fell by 8.3 million barrels in the week ended June 12, more than double the 3.5 million barrel decline analysts had anticipated in a Wall Street Journal survey, the Energy Information Administration reported Wednesday. Commercial crude stocks, excluding the Strategic Petroleum Reserve, fell to 418.2 million barrels and were about 6% below the five-year average for the time of year.
Refinery utilization climbed to 96.7% of capacity, up from 95.3% the previous week, the EIA said. Crude input to refineries rose by 230,000 barrels a day to 17.2 million barrels a day.
Net crude imports fell by 214,000 barrels a day. Crude imports dropped by 754,000 barrels a day to 5.1 million barrels a day, while exports fell by 513,000 barrels a day to 4.3 million barrels a day. U.S. crude oil production held steady at 13.8 million barrels a day, according to EIA estimates.
Oil stored in the Strategic Petroleum Reserve decreased by 8.9 million barrels to 340.3 million barrels as the government continued emergency withdrawals. Crude stocks at Cushing, Oklahoma, the delivery hub for Nymex crude futures, fell by 1.6 million barrels to 20 million barrels.
Gasoline inventories fell by 906,000 barrels to 214.2 million barrels and were 6% below the five-year average, the EIA said. Gasoline demand rose by 481,000 barrels a day to 9.2 million barrels a day. Analysts had expected a 1.5 million barrel draw in gasoline stocks.
Distillate fuel stocks, which include diesel and heating oil, increased by 951,000 barrels to 103.1 million barrels, defying expectations of a 900,000 barrel withdrawal, and remained 13% below the five-year average for the time of year. The data comes as markets continue to monitor tight supply conditions and the ongoing drawdown of the nation’s emergency crude reserve.