US oil and fuel stocks fell last week By Reuters

© Archyde.com. Oil storage tanks in Cushing, Oklahoma, USA, in a Archyde.com file photo.

(Archyde.com) – The US Energy Information Administration said on Wednesday that US inventories fell surprisingly last week, while gasoline and distillate inventories fell more than expected.

The government agency added that crude stocks fell by 2.5 million barrels in the week ending March 18 to 413.4 million barrels, compared to expectations of analysts polled by Archyde.com, who were referring to an increase of 114,000 barrels.

Oil inventories at the delivery hub in Cushing, Oklahoma, rose by 1.2 million barrels.

Data from the Energy Information Administration showed that US refiners’ consumption of crude increased by 277,000 barrels per day last week. Refinery operating rates (SE:) rose 0.7 percentage points.

The data indicated that US gasoline stocks fell by 2.9 million barrels over the past week to 238 million barrels, while it was expected to fall by two million barrels.

Distillate stocks, which include diesel and heating oil, fell 2.1 million barrels to 112.1 million barrels, versus expectations for a 1.4 million barrel decline.

The Energy Information Administration said that net imports of US crude oil last week fell by 817,000 barrels per day to 2.64 million barrels per day.

(Prepared by Wagdy Al-Alfi for the Arabic Bulletin)

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