July 3, 2019 / 2:40 PM / 2 months ago

Crude and gasoline stockpiles down less than expected in week: EIA

NEW YORK (Reuters) - U.S. crude and gasoline stockpiles fell less than forecast last week, while distillate inventories rose unexpectedly, the Energy Information Administration said on Wednesday.

FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo

Crude pared gains after the report. U.S. crude was up 11 cents at $56.35 a barrel by 11:44 a.m. EDT (1544 GMT). Brent crude was up 60 cents at $63 a barrel.

Crude inventories fell by 1.1 million barrels in the last week, compared with analysts’ expectations for a decrease of 3 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 652,000 barrels, EIA said.

“A solid rebound in imports has helped to limit today’s draw to crude inventories, as refining activity continues to tick higher as we push into peak summer driving season,” said Matt Smith, director of commodity research at ClipperData.

Refinery crude runs fell by 47,000 barrels per day, EIA data showed. Refinery utilization rates remained unchanged.

Refinery runs have been partially limited as operations at the largest U.S. East Coast refinery, in Philadelphia, were curtailed following a massive fire.

Gasoline stocks fell by 1.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.2 million-barrel drop.

Distillate stockpiles, which include diesel and heating oil, rose by 1.4 million barrels, versus expectations for a 1 million-barrel drop, the EIA data showed.

Net U.S. crude imports rose last week by 1.71 million barrels per day.

New York Energy Desk; editing by Jonathan Oatis

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