EIA: U.S. crude oil inventories decline in latest week

U.S. crude oil inventories fell, while gasoline and distillate stocks rose during the week ending June 6, the U.S. Energy Information Administration (EIA) reported.

Crude inventories dropped by 3.6 million barrels to 432.4 million barrels in the week, the EIA said, compared with analysts’ expectations for a 2 million barrel decline in a Reuters poll.

Stocks at the Cushing, Oklahoma, delivery hub decreased by 403,000 barrels during the week, according to the EIA.

Refinery crude runs rose by 228,000 barrels per day during the week, the EIA said.

Refinery utilization rates increased by 0.9 percentage points, reaching 94.3%.

U.S. gasoline stocks increased by 1.5 million barrels on the week to 229.8 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 0.9 million barrel build.

Distillate inventories, which include diesel and heating oil, rose by 1.2 million barrels on the week to 108.9 million barrels, compared with expectations for a 0.8 million barrel increase, the EIA said.

U.S. net crude imports rose by 451,000 barrels per day last week, according to the EIA.