U.S. crude inventories fell 9.6 million barrels last week, more than the market expected

On June 28, the U.S. Energy Information Administration (EIA) released a report on Wednesday showing that U.S. crude oil inventories fell sharply last week, while gasoline and distillate inventories increased.

U.S. crude inventories fell 9.6 million barrels to 553.7 million barrels in the week ended June 23, compared with market expectations for a 1.8 million barrel decline. Inventories at Cushing rose by 1.2 million barrels in the week, the data showed. U.S. refineries processed 216,000 BPD less crude in the week. Refinery capacity utilization fell 0.9 percent. EIA data also showed U.S. gasoline inventories rose 600,000 barrels to 222 million barrels in the week ended June 23, compared with market expectations for a 100,000 barrel decline. In the week, U.S. distillate stocks, which include diesel and heating oil, rose 100,000 barrels to 114.4 million barrels, compared with market expectations for an 800,000 barrel increase. Net U.S. crude oil imports fell 376,000 BPD in the week.