U.S. Crude Oil Stocks Fall as Refinery Runs Pick Up

By Anthony Harrup

U.S. crude oil inventories fell last week, and stocks of gasoline and distillate fuels rose as refineries lifted their capacity use, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 1.4 million barrels to 459.5 million barrels in the week ended May 3, and were about 3% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 500,000 barrels.

Stocks of gasoline and distillate fuels rose from the previous week.

 
Change in U.S. oil inventories for the week ended May 3: 
 
    Crude       Gasoline      Distillates         Refinery Use 
EIA data:          -1.4           0.9            0.6                  1.0 
Forecast:          -0.5          -0.9           -0.7                  0.7 
 

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

Write to Anthony Harrup at [e-mail]

(END) Dow Jones Newswires

05-08-24 1053ET