crude stockpiles fall
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crude stockpiles fall more than expected
TacMarkets - U.S. crude oil inventories fell more than expected last week to below 400 million barrels, while gasoline and distillate inventories rose as refiners ramped up production, the Energy Information Administration said on Wednesday.
Crude inventories fell 5.3 million barrels in the week to Sept. 7 to 396.2 million barrels, the lowest level since February 2015, and about 3 percent below the five-year average for this time of year, the EIA said. Analysts had forecast a decrease of 805,000 barrels.
U.S. Midwest crude oil inventories fell to 105.9 million barrels last week, the lowest weekly level since January 2015, EIA data showed.
Inventories at the Cushing, Oklahoma, delivery hub for U.S. crude futures, located in the PADD 2 or the Midwest, fell 1.2 million barrels, EIA said.
Refinery crude runs rose by 210,000 bpd and utilization rates increased 1 percentage point to 97.6 percent of total capacity, EIA data showed.
Gasoline stocks rose 1.3 million barrels, slightly below analysts’ expectations.
Distillate stockpiles, which include diesel and heating oil, rose by 6.2 million barrels, versus expectations for a 1.4 million-barrel increase, the EIA data showed.