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

US crude oil inventories declined by 3.775 million barrels to 408.3 million barrels in the week ended June 26, undershooting market expectations for a 5.1 million-barrel draw. Stocks at the Cushing, Oklahoma, delivery hub increased by 709 thousand barrels, marking the first build after nine consecutive weeks of declines.

Refinery crude runs rose by 85,000 barrels per day, and refinery utilization rates edged up by 0.6 percentage points. Gasoline inventories fell by 2.333 million barrels to 214 million barrels, a larger draw than the expected 0.95 million barrels. By contrast, distillate stockpiles—which include diesel and heating oil—climbed by 2.483 million barrels to 108.6 million barrels, defying forecasts for a 0.7 million-barrel decrease. Net US crude imports increased by 370,000 barrels per day.