HOUSTON — U.S. crude, gasoline and distillate inventories fell last week, the Energy Information Administration said on Thursday.
Crude inventories fell by 9 million barrels to 419.8 million barrels in the week ended February 13, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.1-million-barrel rise.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels, the EIA said.
U.S. and Brent crude futures both spiked after the data showed the surprise drop in U.S. crude stocks. They were last trading up about two per cent.
Refinery crude runs rose by 77,000 barrels per day in the week ended Feb. 13, the EIA said.
Refinery utilization rates increased by 1.6 percentage points in the week to 91 per cent.
U.S. gasoline stocks fell by 3.2 million barrels in the week to 255.8 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 284,000-barrel draw.
U.S. gasoline futures extended gains after the data showed a larger-than-expected drop in gasoline stocks, trading at around $2 per gallon at 12:19 p.m. EST (1719 GMT).
Distillate stockpiles, which include diesel and heating oil, fell by 4.6 million barrels in the week to 120.1 million barrels, versus expectations for a 1.4-million-barrel drop, the EIA data showed.
U.S. heating oil futures extended gains after the data showed the larger-than-expected drop in distillate stocks, trading at $2.59 per gallon.
Net U.S. crude imports fell by 1.13 million bpd, EIA said.
(Reporting by Georgina McCartney and Arathy Somasekhar in HoustonEditing by Rod Nickel)
