U.S. Crude Stockpiles Fall to 1-Year Low as Imports Fall, EIA Says
(Reuters) — U.S. crude oil inventories fell to their lowest since September 2023 as imports dropped, while gasoline stockpiles rose with the end of the summer driving season, the Energy Information Administration (EIA) said on Thursday.
Crude inventories, excluding the Strategic Petroleum Reserve, fell by 6.9 million barrels to 418.3 million barrels in the week ending Aug. 30, the EIA said, compared with analysts' expectations in a Reuters poll for a 993,000-barrel draw.
"As far as the crude oil number is concerned, it's because of a big pullback in the import numbers,” said Bob Yawger, director of energy futures at Mizuho.
Net U.S. crude imports USOICI=ECI fell last week by 853,000 barrels per day (bpd) to 2.0 million bpd, the EIA said, while exports rose 85,000 bpd to 3.8 million bpd.
U.S. crude oil futures CLc1 and Brent crude futures LCoc1 extended gains following the report, rising 2% and 1.6% respectively.
Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. futures USOICC=ECI fell by 1.1 million barrels, the EIA said.
Refinery crude runs USOICR=ECI rose by 36,000 bpd in the week, while refinery utilization rates USOIRU=ECI were unchanged at 93.3% of total capacity.
"Refinery runs remain elevated, so there's demand for the crude," said John Kilduff, partner at Again Capital in New York.
Gasoline stocks USOILG=ECI rose by 800,000 barrels in the week to 219.2 million barrels, the EIA said, compared with expectations for a 700,000-barrel draw.
"It's a mixed picture, which shows demand normalizing towards post-summer driving season levels,” said Again Capital's Kilduff.
Gasoline product supplied, a proxy for demand, fell to 8.9 million bpd in the week from 9.3 million bpd.
U.S. gasoline futures RBc1 extended losses, dipping 0.4% after the data showed the unexpected build.
Distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell by 400,000 barrels in the week to 122.7 million barrels, versus expectations for a 500,000-barrel rise, the EIA data showed.
U.S. diesel futures HOc1 rose 1.7% following the surprise drawdown.
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