The Energy Information Administration (EIA) released data on Wednesday showing notable decreases across several U.S. petroleum inventory categories for the week ending April 24.
Crude oil stock change - U.S. crude inventories fell by 6.2 million barrels to a reported 459.5 million barrels. The EIA figure represents the change in onshore crude stocks in the reporting week.
Fuel inventories - Gasoline supplies declined by 6.1 million barrels, leaving gasoline stocks at 222.3 million barrels. That drop was substantially larger than analysts polled by Reuters had anticipated, who had expected a 2.1 million-barrel decrease. Distillate inventories also contracted during the same reporting period, according to the EIA.
Cushing hub and refinery activity - Stocks at the key Cushing, Oklahoma delivery hub decreased by 796,000 barrels. The EIA data also showed that refinery crude runs rose by 84,000 barrels per day for the week, and refinery utilization rates increased by 0.5 percentage point.
Market reaction - Oil futures moved higher following the release of the inventory data. As of 10:38 a.m. ET, Brent crude was trading at $116.85 per barrel, up $5.59 on the day, and West Texas Intermediate (WTI) was trading at $104.67 per barrel, up $4.74.
The report documents a period in which commercial crude and fuel inventories fell materially, gasoline declines exceeded external analyst expectations, and refiners processed slightly more crude than in the prior week. The EIA figures provide a snapshot of stock levels and refinery throughput for the specified reporting week, and the immediate market response was reflected in higher benchmark crude futures prices.
Data recap
- U.S. crude inventories: -6.2 million barrels, to 459.5 million barrels
- Gasoline inventories: -6.1 million barrels, to 222.3 million barrels (versus a -2.1 million-barrel Reuters poll expectation)
- Cushing stocks: -796,000 barrels
- Refinery crude runs: +84,000 barrels per day
- Refinery utilization: +0.5 percentage point
- Brent crude: $116.85 per barrel, up $5.59 (as of 10:38 a.m. ET)
- West Texas Intermediate: $104.67 per barrel, up $4.74 (as of 10:38 a.m. ET)