11th September 2014
The expected fall in US crude stocks last week was accompanied by an increase in petrol and distillate inventories, which increased steeply after a boost in refiners' operations.
Research published by the Energy Information Administration highlighted that crude inventories fell by around 1 million barrels over the seven-day period, which was marginally less than the 1.1 million barrels analysts had anticipated.
According to the EIA, US crude imports fell by 54,000 barrels per day, while refinery utilisation rates increased by around 0.6 percentage points on the week.
The biggest surprise came with gasoline stocks, which rose by 2.4 million barrels, despite a poll of analysts resulting in expectations of a 157,000 barrel drop.
There was also major movement in distillate stockpiles - including diesel and heating oil - which rose by 4.1 million barrels, after estimates of a 571,000 barrel increase.
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