By Anthony Harrup


U.S. crude oil inventories fell for a seventh consecutive week and product stocks were mixed as refineries stepped up their capacity use, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 7.2 million barrels to 426.5 million barrels in the week ended June 5 and were about 5% below the five-year average for the time of year, the EIA said. Crude stocks were expected to have fallen by 2.9 million barrels, according to a Wall Street Journal survey of analysts.

Oil stored in the SPR decreased by 7.9 million barrels to 349.2 million barrels, bringing emergency releases to address Middle East supply disruptions to 66.3 million barrels. Oil stocks at Cushing, Okla., the Nymex delivery hub, fell by 801,000 barrels to 21.6 million barrels.

The EIA estimated U.S. crude oil production at 13.8 million barrels a day, up by 92,000 barrels a day from the previous week. Crude oil imports fell by 509,000 barrels a day to 5.9 million barrels a day, and exports fell by 1 million barrels a day to at 4.8 million barrels a day.

Refineries ran at 95.3% of capacity, up from 94.7% the week before, with crude inputs rising by 80,000 barrels a day to 17 million barrels a day. Refinery runs were forecast to have risen by one tenth of a percentage point in the Journal survey.

Gasoline inventories increased by 186,000 barrels to 215.1 million barrels and were 6% below the five-year average, the EIA said. Gasoline demand rose by 137,000 barrels a day to 8.7 million barrels a day. Gasoline stocks were expected to have fallen by 600,000 barrels.

Distillate fuel stocks fell by 200,000 barrels to 102.1 million barrels versus expectations for a 500,000 barrel decline. Distillate inventories were 13% below the five-year average. 


 
Change in U.S. oil inventories for the week ended June 5: 
 
                   Crude       Gasoline      Distillates        Refinery Use 
EIA data:          -7.2           0.2           -0.2                 0.6 
Forecast:          -2.9          -0.6           -0.5                 0.1

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

06-10-26 1113ET