US crude inventories fall 3.69 million barrels, DoE shows

Oil inventories in the United States fell 3.69 million barrels, to 431.665 million barrels, last week, the Department of Energy (DoE) said on Wednesday (23). Analysts heard by The Wall Street Journal predicted a drop of 800 thousand.

Gasoline inventories, on the other hand, rose by 3.058 million barrels, to 210.998 million barrels, compared with an expected increase of 200,000. Those of distillates rose by 1.718 million barrels, to 109.101 million barrels, when the forecast was for minus 700 thousand in stocks.

Oil inventories at Cushing fell 887,000 barrels to 11.6 million barrels. The refinery utilization rate rose from 92.9% in the previous week to 93.9%, against a forecast of 93.2% of analysts.

US average daily production, meanwhile, was stable at 12.1 million barrels, according to the DoE.

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