U.S. Crude Oil Inventories Fall for Third Straight Week

By Anthony Harrup

U.S. crude oil inventories fell in a surprise third consecutive week of declines, while stocks of gasoline and distillates increased, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 4.9 million barrels to 440.2 million barrels in the week ended July 12, and were about 5% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would be unchanged from the previous week.

Gasoline stocks rose by 3.3 million barrels and distillate fuel stocks increased by 3.5 million barrels, against expectations of declines.

 
Change in U.S. oil inventories for the week ended July 12: 
 
                   Crude       Gasoline      Distillates         Refinery Use 
EIA data:          -4.9           3.3            3.5                 -1.7 
Forecast:          unch          -1.3           -0.4                 -0.6 
 

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

Write to Anthony Harrup at [e-mail]

(END) Dow Jones Newswires

07-17-24 1100ET