U.S. crude inventories unexpectedly fall from record highStaff writer ▼ | April 6, 2016
U.S. crude oil inventories unexpectedly fell from record highs last week as refineries continued to hike output and imports fell, while gasoline stocks rose.
Oil supply The Energy Information Administration:
Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures rose 357,000 barrels, EIA said.
U.S. crude oil prices extended gains after release of the data, rising by as much as 2 percent, or 72 cents, in the following 15 minutes.
The EIA report was "modestly supportive" with the jump in refinery runs and fall in imports "obvious catalysts in causing overall crude oil inventories to decline," said John Kilduff, a partner at New York energy hedge fund Again Capital.
U.S. crude imports fell 446,000 barrels per day, with some pointing to weather issues in the Houston Ship Channel last week.
Refinery crude runs, which have remained at record seasonal levels for most of this year thanks to unusually strong gasoline margins, rose by 199,000 bpd, EIA data showed.
Refinery utilization rates rose 1 percentage point to 91.4 percent of total capacity, although usage could ebb with more maintenance expected this month. ■