US Crude Inventories Fall as Gasoline and Distillate Stocks Rise

US crude oil inventories recorded a notable decline last week, while gasoline and distillate stocks increased, according to the latest data from the US Energy Information Administration.

The report showed that US crude oil inventories fell by about 3.8 million barrels to 419.1 million barrels, defying market expectations that had pointed to a slight increase.

At the Cushing, Oklahoma hub, crude stockpiles rose, while refinery utilization remained high and stable, with a modest increase in crude runs.

In contrast, gasoline inventories climbed by around 7.7 million barrels, and distillate fuel stocks, including diesel and heating oil, rose by 5.6 million barrels, signaling ample supply of refined products.

The data also showed higher net US crude imports, while statements regarding potential Venezuelan oil deliveries added another layer to the global oil market outlook.

Analysts believe movements in US crude oil inventories will continue to influence global oil prices in the coming period.