By Anthony Harrup


U.S. crude oil inventories fell more than expected last week, and gasoline stocks increased as refineries stepped up their capacity use, according to data released on Thursday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 4.2 million barrels to 454.7 million barrels in the week ended May 24 and were about 4% 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 fall by 1.4 million barrels. 


 
Change in U.S. oil inventories for the week ended May 24: 
 
                   Crude       Gasoline      Distillates        Refinery Use 
EIA data:          -4.2           2.0            2.5                 2.6 
Forecast:          -1.4          -1.0           -0.1                 0.5

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


Write to Anthony Harrup at anthony.harrup@wsj.com


(END) Dow Jones Newswires

05-30-24 1124ET