US Crude Stockpiles Drop 2.4 Million Barrels, EIA Shows

U.S. crude oil inventories fell by 2.39 million barrels in the week ended 22 August, the Energy Information Administration said Wednesday. The drawdown slightly exceeded analyst expectations of about a 2 million-barrel decline but was far smaller than the 6.01 million-barrel drop reported a week earlier. Stockpiles at the Cushing, Oklahoma delivery hub slipped 838,000 barrels, reversing the prior week’s build. Gasoline inventories decreased by 1.24 million barrels, while distillate supplies fell 1.79 million barrels; forecasters had anticipated a modest distillate build. Refinery utilization rates dropped two percentage points, compared with expectations for a marginal decline. The official figures follow Tuesday’s industry report from the American Petroleum Institute, which had pointed to a smaller 974,000-barrel reduction in nationwide crude stocks. Traders monitor the EIA data closely for signals on U.S. supply-demand balances ahead of the seasonal transition from summer driving to autumn maintenance at refineries.