U.S. crude oil stocks fell more than expected last week, while gasoline and distillate inventories rose more than forecast, the Energy Information Administration said on Wednesday.
Source: www.reuters.com
As per the EIA (Energy Information Administration), for the week to January 11, U.S. crude oil inventories fell by 2.7 million barrels. This drop was significantly higher than analysts’ previous expectations of 1.3 million barrels. However, gasoline stocks rose by 7.5 million barrels, which was more than analysts’ expectations for a 2.8 million barrel gain. Distillates including diesel and heating oil rose 3.0. barrels, above expectations for 1.6 million barrels. In the week, U.S. crude production jumped 200,000 bpd to a new record of 11.9 million bpd. Barring crude oil inventories which slipped, strong gains in other oil and gas products had a negative impact on WTI crude prices which fell 52 cents to $51.59 a barrel by Wednesday.
