December 8, 2022

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Bigger-than-expected fall in U.S. oil stocks

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The U.S. Energy Information Administration said Wednesday that U.S. oil stocks fell last week, while petrol and distillation stocks rose.

Crude oil stocks fell 4.7 million barrels to 423.6 million barrels in the week ended December 17, down 2.7 million barrels compared to analysts’ expectations.

Crude oil at the distribution center in Cushing, Oklahoma, rose 1.5 million barrels last week.

Petrol stocks rose 5.5 million barrels last week to 224.1 million barrels, while 467,000 barrels were expected to rise.

And distillation stocks, including diesel and heating oil, increased by 396 thousand barrels to 124.15 million barrels, compared to expectations of an increase of 33 thousand barrels.

Last week, US crude oil imports rose 489,000 barrels a day to 3.32 million barrels a day, according to the Energy Information Administration.

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