Energy

U.S. crude, fuel stockpiles fall in most recent week -EIA

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Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. Picture taken August 21, 2019. REUTERS/Jessica Lutz

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May 26 (Reuters) - U.S. crude stocks, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.

Crude inventories (USOILC=ECI) fell by 1.7 million barrels in the week to May 21 to 484.3 million barrels, compared with analysts' expectations in a Reuters poll for a 1 million-barrel drop.

"Inventories were in line with expectations but the good news for the oil market is the robust demand of gasoline and diesel fuel going into the memorial day holiday weekend," said Andrew Lipow, president of Lipow Oil Associates in Houston.

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Gasoline product supplied rose to 9.5 million barrels per day, a proxy for demand, while distillate demand was also higher. Gasoline consumption generally rises beginning around U.S. Memorial Day - which falls on May 31 this year - when people take to the roads.

Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell by 1 million barrels in the last week, EIA said.

Refinery crude runs (USOICR=ECI) rose by 123,000 barrels per day in the last week, EIA said. Refinery utilization rates (USOIRU=ECI) rose by 0.7 percentage points in the week.

Prices were little changed on Wednesday. U.S. crude futures were down 7 cents to $65.99 as of 11:18 a.m. EDT (1518 GMT), while Brent rose 10 cents to $68.74 a barrel.

U.S. gasoline stocks (USOILG=ECI) fell by 1.7 million barrels in the week to 232.5 million barrels, the EIA said, compared with expectations for a 614,000-barrel drop.​

Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, fell by 3 million barrels in the week, versus expectations for a 1.9 million-barrel drop.

Net U.S. crude imports (USOICI=ECI) fell last week by 265,000 barrels per day.

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Reporting By David Gaffen

Our Standards: The Thomson Reuters Trust Principles.

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