The administration added that gasoline stocks fell by 2.7 million barrels last week to 210.9 million barrels, which is their lowest level since November 2021. Analysts polled by Reuters had expected stocks to increase by 600,000 barrels.
Supplies rose benzenewhich is an indicator of the volume of demand, to 9.2 million barrels per day from 8.8 million per day a week earlier, recording its highest levels since the week ending on the fourth of October.
US gasoline futures strengthened their gains after the release of the data, while there was little change in US West Texas Intermediate and Brent crude futures.
The administration stated that crude inventories fell by 515 thousand barrels to 425.5 million in the week, compared to analysts’ expectations in a Reuters poll of an increase of 2.3 million.
The administration added that crude oil inventories at the delivery center in Cushing, Oklahoma, rose by 681,000 barrels per week.
Net US imports of crude fell by 605,000 barrels per day to 1.7 million, after exports rose by 149,000 barrels per day to 4.3 million.
Imports of crude oil fell Saudi Arabia Last week, it reached its lowest levels since January 2021, recording only 13,000 barrels per day, down from 150,000 on a weekly basis. Oil imports from Canada, Iraq, Colombia and Brazil all declined during the week.
Crude consumption in refineries decreased by 31,000 barrels per day, while refinery operating rates fell 0.4 percent per week to 89.1 percent.
Administration data showed that distillate stocks, which include diesel and heating oil, decreased by one million barrels per week to 112.9 million barrels, compared to expectations of a decrease of 1.6 million.
