US crude oil inventories decline as fuel stocks increase

The Energy Information Administration disclosed on Wednesday that U.S. crude oil inventories had fallen last week, whereas gasoline and distillate stocks experienced an uptick. Crude oil reserves dropped by 640,000 barrels, bringing the total to 423.4 million barrels as of the week ending on September 11. Market analysts had forecasted a more substantial decline of 1.6 million barrels.

Inventories at the Cushing, Oklahoma delivery point saw a 342,000-barrel reduction during the same duration. Refinery activities processed 256,000 fewer barrels per day than the previous week. Refinery utilization rates declined by 1 percentage point to 96.8%. Gasoline inventories expanded by 794,000 barrels, reaching 207.7 million barrels.

Analysts had predicted a 1 million-barrel decrease in gasoline stocks. Distillate stockpiles, encompassing diesel and heating oil, increased by 1.6 million barrels to 107.9 million barrels, surpassing expectations for a 71,000-barrel rise. Net crude oil imports into the United States declined by 1.18 million barrels per day during the week.