Foreign news on July 26, the U.S. Energy Information Administration (EIA) reported on Wednesday that U.S. crude oil inventories fell by 600,000 barrels to 456.82 million barrels in the week ended July 21. Analysts had expected a decrease of 230 million barrels. million barrels.
Crude inventories in the U.S. Strategic Petroleum Reserve were steady at 346.76 million barrels.
Crude inventories at Cushing, Oklahoma, the delivery point for crude oil, fell by 2.61 million barrels to 35.74 million barrels in the week.
U.S. gasoline inventories fell by 786,000 barrels to 217.6 million barrels for the week, compared with analysts' expectations for a drop of 1.7 million barrels.
U.S. distillate inventories fell by 245,000 barrels to 117.95 million barrels for the week, compared with analysts' expectations for a drop of 300,000 barrels.
U.S. crude oil processing fell by 107,000 barrels per day to 16.48 million barrels per day in the week ended July 21.
U.S. refinery utilization slipped 0.9 percentage points to 93.4% for the week.
For the week, U.S. net crude oil imports decreased by 1.58 million barrels per day to 1.78 million barrels per day; refined oil imports increased by 278,000 barrels per day to 2.15 million barrels per day.
Over the past four weeks, U.S. gasoline demand was 9.04 million barrels per day, up 2.6% from a year earlier.
Over the past four weeks, U.S. distillate demand was 3.54 million barrels per day, down 6.8% from a year earlier.