U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration said on Wednesday.

Crude inventories dropped by 1.3 million barrels to 424.4 million barrels in the week ended December 12, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.1 million-barrel draw.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 742,000 barrels last week, the EIA said.

Oil futures pared gains following the larger-than-expected build in fuel inventories, but were still trading in positive territory. Global Brent crude futures were trading at $59.81 a barrel, up 89 cents, at 10:37 a.m. ET (1537 GMT), while U.S. West Texas Intermediate crude futures were up 77 cents to $56.04 a barrel.

Refinery crude runs rose by 128,000 barrels per day during the week, the EIA said, while utilization rates (USOIRU=ECI) edged up 0.3 percentage point to 94.8%.

U.S. gasoline stocks added 4.8 million barrels in the week to 225.6 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.1 million-barrel build.

Distillate stockpiles, which include diesel and heating oil, rose by 1.7 million barrels in the week to 118.5 million barrels, versus expectations for a 1.2 million-barrel rise, the EIA data showed.

Net U.S. crude imports fell last week by 719,000 barrels per day, EIA said.
Source: Reuters