U.S. crude stocks plunged more than expected last week as imports declined, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday.
Crude inventories fell by 7.6 million barrels in the last week, compared with analysts’ expectations for an decrease of 2.9 million barrels. The largest draw was seen on the Gulf Coast, where crude stockpiles declined by 6.1 million barrels a day.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.948 million barrels, EIA said.
Refinery crude runs rose by 103,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.9 percentage points.
Gasoline stocks fell by 1.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.1 million barrels gain.
Distillate stockpiles, which include diesel and heating oil, rose by 3.1 million barrels, versus expectations for a 1.1 million barrels increase, the EIA data showed.
U.S. crude imports fell last week by 282,000 barrels per day.
U.S. crude exports rose in the week to 918,000 bpd from 768,000 bpd the previous week. (Reporting By Jessica Resnick-Ault)