By Anthony Harrup


U.S. crude oil inventories fell more than expected last week as exports increased and refineries raised their capacity use, while a pickup in demand led to declines in stocks of motor fuels, according to data released on Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 12.2 million barrels to 448.5 million barrels in the week ended June 28 and were about 4% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 1.1 million barrels.

The SPR held 372.6 million barrels of oil, up by 398,000 barrels from the week before.

Oil stored at Cushing, Okla., the Nymex delivery hub, rose by 345,000 barrels to 34.2 million barrels. Refinery capacity use increased by 1.3 percentage points to 93.5%. Refinery runs were forecast to rise by 0.6 percentage point.

The EIA estimated U.S. crude production at 13.2 million barrels a day, unchanged for a third consecutive week. Crude imports slipped by 65,000 barrels a day to 6.5 million barrels a day, while exports increased by 491,000 barrels a day to 4.4 million barrels a day.

Gasoline inventories were down by 2.2 million barrels at 231.7 million barrels, partially offsetting the previous week's build as demand for the fuel rose ahead of the Fourth of July holiday week, when record numbers of Americans are expected to travel by road, according to the American Automobile Association.

Gasoline stocks were forecast to be down by 1.1 million barrels in the Journal survey. Demand rose by 455,000 barrels a day to 9.4 million barrels a day. Gasoline stocks were 1% below the five-year average, the EIA said.

Stocks of distillate fuels, mostly diesel, decreased by 1.5 million barrels to 119.7 million barrels, and were 10% below the five-year average. Inventories of distillates were expected to decline by 600,000 barrels. 


 
Change in U.S. oil inventories for the week ended June 28: 
 
                   Crude       Gasoline      Distillates         Refinery Use 
EIA data:         -12.2          -2.2           -1.5                  1.3 
Forecast:          -1.1          -1.1           -0.6                  0.6

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

07-03-24 1136ET