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US Crude Imports and Stocks Fall

Oil

US crude imports fell by 986 kb/d last week to 7.3 mb/d, contributing to a 5.9 MB drop in stocks to 484.8MB, according to the latest data from the US Energy Information Administration. Gasoline inventories were up 1.1 MB at 220.5MB, despite a 326 kb/d decline in imports to 334 kb/d. Distillate imports doubled on the week to 168 kb/d, but stocks fell 0.7MB to 151.3MB. Refineries operated at 91.3%, slightly lower than the previous week.