US crude oil and refined product inventories fell sharply last week due in part to a notable drop in crude imports, the Energy Information Administration said.
Crude inventories fell 7.5 million barrels in the week to July 10 to 531.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.1 million-barrel drop. The decline was driven by a steep drop in imports, which fell by a net 2 million barrels per day, the EIA said.
US gasoline stocks fell by 3.1 million barrels in the week, compared with expectations for a 643,000-barrel drop. Gasoline demand, meanwhile, dipped modestly as more US states have reimposed lockdowns as coronavirus cases and deaths are spiking anew. Overall gasoline supplied over the last four weeks, a proxy for demand, is 9% below the same period a year ago.
Distillate stockpiles, which include diesel and heating oil, fell by 453,000 barrels. However, Gulf Coast distillate inventories rose last week to 58.6 million barrels, highest on record.
