US crude, distillate inventories fall last week as gasoline stocks rise: EIA
US crude and distillate inventories fell last week as gasoline stocks rose, according to data from the Energy Information Administration (EIA).
Crude inventories fell by 2.1 million barrels to 422.7 million barrels, while distillate inventories, which include heating oil and diesel fuel, fell by 1.8 million barrels to 118.3 million barrels.
Gasoline inventories rose by 2.8 million barrels to 223.5 million barrels.
The draw in crude inventories was larger than expected.
Analysts had forecast a decline of 1.5 million barrels, according to a survey by S&P Global Platts.
The draw in distillate inventories was also larger than expected. Analysts had forecast a decline of 1 million barrels.
The increase in gasoline inventories was smaller than expected.
Analysts had forecast an increase of 3.6 million barrels.
The EIA data also showed that US crude production fell by 100,000 barrels per day to 11.3 million barrels per day.
This is the first decline in US crude production since May.
The decline in crude production was attributed to Hurricane Ida.
The hurricane shut down offshore oil production in the Gulf of Mexico.
The EIA said that crude production is expected to rebound in the coming weeks.
The EIA's data is closely watched by oil traders and analysts.
The data provides insights into the supply and demand of crude oil and refined products.
The data can also impact oil prices.
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