FX.co ★ US Crude Oil Inventories Fall More than Expected

US crude oil inventories declined by 6.233 million barrels to 459.5 million barrels in the week ended April 24, far exceeding market expectations for a modest 0.2 million barrel draw. Stocks at the Cushing, Oklahoma delivery hub also fell, down 796,000 barrels.

Refinery activity strengthened over the period, with crude runs increasing by 84,000 barrels per day and utilisation rates rising by 0.5 percentage points.

Fuel inventories tightened more than anticipated. Gasoline stocks dropped by 6.075 million barrels to 222.3 million barrels, compared with forecasts for a 2.1 million barrel decline. Distillate inventories—which include diesel and heating oil—fell by 4.494 million barrels to 103.6 million barrels, surpassing expectations for a 2.2 million barrel draw.

Net US crude imports decreased by 1.968 million barrels per day over the week.