U.S. crude stocks drop unexpectedly last week – EIA

Cushing, Okla., is a major oil storage site. Amid record oil production, some analysts worry the U.S. will run out of places to put it al

New York — U.S. crude stocks fell last week as refineries hiked output, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday.

Crude inventories fell by 1.7 million barrels in the week ended Oct. 18, compared with analysts’ expectations for an increase of 2.2 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.5 million barrels, EIA said.

Refinery crude runs rose by 429,000 barrels per day, EIA data showed. Refinery utilization rates rose by 2.1 percentage points.

Gasoline stocks fell by 3.1 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.3 million-barrel drop.

Distillate stockpiles, which include diesel and heating oil, fell by 2.7 million barrels, versus expectations for a 2.8 million-barrel drop, the EIA data showed.

Net U.S. crude imports fell last week by 873,000 barrels per day.

– Reuters