US crude, gasoline stockpiles fall on stronger demand, EIA data shows
Adds analyst comment, details
By Georgina McCartney and Laila Kearney
HOUSTON, Aug 28 (Reuters) -U.S. crude oil and gasoline inventories fell last week as demand picked up ahead of Labor Day weekend and the end of the summer driving season, the Energy Information Administration (EIA) said on Wednesday.
Crude stocks fellby 846,000 barrels to 425.2 million barrels in the week ended Aug.23, data showed, far less thananalysts' expectations in a Reuters poll for a 2.3 million-barrel draw.
Stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futuresUSOICC=ECI fell by 668,000 barrels in the week, the EIA said.
Global benchmark Brent LCoc1 and U.S. crude futures CLc1 extended losses after the data showed the lower-than-expected draw. O/R
Refinery crude runs USOICR=ECI rose by 175,000 barrels per day (bpd), andrefinery utilization rates USOIRU=ECI rose by 1 percentage point to93.3% of total capacity.
Gasoline stocks USOILG=ECI fell by 2.2 million barrels in the week to 218.4 million barrels, their lowest since November. The draw was deeper than forecasts for a1.6 million-barrel draw.
Gulf Coast gasoline stocks fell sharply to their lowest since March 2021, drawing down 2.8 million barrels to 76.3 million barrels.
U.S. gasoline futures RBc1 pared losses following the data.
"Despite apparent robust refinery runs, gasoline inventories drew amid stronger implied demand as we are in the last hurrah of summer driving season, and gas stations are likely stocking up ahead of the Labor Day weekend," said Matt Smith, energy analyst at Kpler, referring to the upcoming holiday weekend which marks the end of the peak summer driving season.
Gasoline supplied, a proxy for demand, rose on the week to 9.3 million bpd, up from 9.2 million bpd.
Distillate stockpiles USOILD=ECI, which include diesel and heating oil, rose by 300,000 barrelsin the week to 123.1 million barrels, versus expectations for a 1.1 million-barrel drop, the data showed.
U.S. heating oil futures HOc1 extended their losses after the data.
Net U.S. crude imports USOICI=ECI rose last week by 282,000 bpd to 2.9 million bpd and exports fell 374,000 bpd to 3.7 million bpd, the EIAsaid.
"Ongoing strength in imports and a tick lower in exports helped keep the draw in check," Kpler's Smith said.
Reporting by Georgina McCartney in Houston, Laila Kearney in New York
Editing by Marguerita Choy
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