Investing.com – Crude oil inventories fell by 3.8 million barrels last week, defying forecast for a build, while fuel stocks rose, the agency responsible for national energy data reported Wednesday as market participants tried to discern demand in what is typically the busiest time of the year for travel.
The balance fell by 3.831M barrels during the week ended June 16, the Energy Information Administration, or EIA, said in its Weekly Petroleum Status Report.
Industry analysts polled by Investing.com had only expected a build of 1.873M barrels in the latest week.
In the previous week to June 9, crude stockpiles rose by 7.919M barrels.
The crude build reported by the EIA, however, came with a usual caveat: The release of 1.7M from the U.S. Strategic Petroleum Reserve, without which the inventory drop would logically have been 5.5M.
Highest weekly demand for fuels since December
On the side, the EIA reported a build of 0.479M barrels. Analysts had expected the agency to cite a build of 1.091M barrels instead, after the previous week’s rise of 2.108M barrels. Automotive fuel gasoline is the No. 1 U.S. fuel product.
In the case of , the EIA reported a build of 0.433M barrels. Analysts had forecast a draw of just 1,000 barrels last week, against a previous build of 2.123M. Distillates are refined into , diesel for trucks, buses, trains and ships, and fuel for jets.
The latest weekly EIA reading for total fuel products supplied to the market was 20.925M barrels versus 20.408 the prior week.
That, based on historical data maintained by the agency, was the highest since December.
Read the full article here
