(Adds quotes, details, oil prices)
Apr 7 (Reuters) – US crude oil inventories fell more-than-expected last week, while gasoline inventories jumped sharply as refining rates hit their highest level in more than a year, the Energy Information Administration said Wednesday.
Oil inventories fell 3.5 million barrels in the week to April 2 to 501.8 million barrels, compared with analysts’ expectations in a Reuters poll of 1.4 million barrels. Stocks in the Midwest fell to their lowest level since March 2020.
US gasoline inventories rose 4 million barrels over the week to 230.5 million barrels, compared with a forecast of 221,000 barrels. As the summer forecast season approaches, gasoline inventories will soon begin to decline, but this has not happened. yet.
“The amount of gasoline was so large that it prevented crude oil from growing despite the influx of oil,” said Robert Jauger, director of energy futures at Mizuho Securities.
Oil prices fell after the release of the report. U.S. oil futures fell 50 cents to $ 58.83 a barrel, while Brent crude fell 46 cents to $ 62.27 a barrel as of 10:44 am ET (1444 GMT). Greenwich).
Refinery throughput is up 103,000 barrels per day and utilization is up 0.1 percentage points and is currently operating at 84% capacity, the highest since March 2020.
Distillate stocks, which include diesel and heating oil, rose 1.5 million barrels to 144.1 million barrels against expectations of a 486,000 barrels increase.
US net crude oil imports fell 141,000 barrels per day last week, while oil production fell 200,000 barrels per day to 10.9 million barrels per day. (Reporting by David Gaffen and Leila Kearney, editing by Margarita Choi)