U.S. crude oil inventories fell for a 10th consecutive week as refineries boosted processing rates and emergency stockpiles continued to be drawn down, according to data released Wednesday by the Energy Information Administration.
The draw brought commercial crude stocks, excluding the Strategic Petroleum Reserve, to about 7% below the five-year average for the time of year. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 709,000 barrels to 19.7 million barrels, the EIA said.
The EIA estimated U.S. crude oil production at 13.8 million barrels a day, virtually unchanged from the previous week. Crude imports fell by 291,000 barrels a day to 5.3 million barrels a day, while exports dropped by 661,000 barrels a day to 4 million barrels a day.
Gasoline inventories decreased by 2.3 million barrels to 214 million barrels, also about 7% below the five-year average, against analyst expectations for a 700,000 barrel draw. Gasoline demand rose by 356,000 barrels a day to 9.1 million barrels a day.
Distillate fuel stocks, which include diesel and heating oil, rose by 2.5 million barrels to 108.6 million barrels, remaining 8% below the five-year average for this time of year. Analysts had expected a slight decline of 100,000 barrels.