By Anthony Harrup


U.S. crude oil inventories fell more than expected last week as net imports decreased and refineries ran near full capacity, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve were down by 8.3 million barrels at 418.2 million barrels in the week ended June 12 and were about 6% below the five-year average for the time of year, the EIA said. Crude stocks were expected to have fallen by 3.5 million barrels, according to a Wall Street Journal survey of analysts.

Oil stored in the SPR decreased by 8.9 million barrels to 340.3 million barrels on further emergency releases. Oil stocks at Cushing, Okla., the Nymex delivery hub, fell by 1.6 million barrels to 20 million barrels.

U.S. crude oil production was steady at 13.8 million barrels a day, according to EIA estimates. Crude imports fell by 754,000 barrels a day to 5.1 million barrels a day, and exports were down by 513,000 barrels a day at 4.3 million barrels a day. Net imports were down by 214,000 barrels a day.

Refineries ran at 96.7% of capacity, up from 95.3% the previous week, with crude input to refineries up by 230,000 barrels a day at 17.2 million barrels a day. Refinery runs were forecast to have risen by one tenth of a percentage point in the Journal survey.

Gasoline inventories fell by 906,000 barrels to 214.2 million barrels, and were 6% below the five-year average, the EIA said. Gasoline demand increased by 481,000 barrels a day to 9.2 million barrels a day. Gasoline stocks were expected to have fallen by 1.5 million barrels.

Distillate fuel stocks increased by 951,000 barrels to 103.1 million barrels against expectations of a 900,000 barrel withdrawal, and were 13% below the five-year average for the time of year. 


 
Change in U.S. oil inventories for the week ended June 12: 
 
                   Crude       Gasoline      Distillates        Refinery Use 
EIA data:          -8.3          -0.9            0.9                 1.4 
Forecast:          -3.5          -1.5           -0.9                 0.1

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.


Write to Anthony Harrup at anthony.harrup@wsj.com


(END) Dow Jones Newswires

06-17-26 1111ET