Eco
The US Energy Information Administration said Thursday that American inventories of crude oil, gasoline, and distillates declined last week amid rising demand.
It added that crude inventories fell 3.3 million barrels to 441.7 million barrels in the week ending May 22, compared to analyst expectations of a 4.14 million barrel decline, while crude stocks at the delivery hub in Cushing, Oklahoma declined 2.79 million barrels.
It noted that crude consumption at refineries rose 652,000 barrels per day while refinery utilization rates fell 2.9 percentage points, while gasoline inventories declined 2.6 million barrels during the week to 211.6 million barrels compared to expectations of a 2.41 million barrel drop.
Data showed that distillate inventories, which include diesel and heating oil, fell 2.1 million barrels during the week to 100.8 million barrels against expectations of a 1.02 million barrel decline, while US net crude imports fell 128,000 barrels per day.
