Management: US crude oil and gasoline inventories decline, distillate stocks rise

HOUSTON, July 1 (Reuters) - U.S. crude oil inventories fell by 3.8 million barrels to 408.4 million barrels in the week ended June 26, the Energy Information Administration said on Wednesday, compared with analysts' expectations in a Reuters poll for a 4.5 million barrel decline.

The administration added that crude oil inventories at the delivery hub in Cushing, Oklahoma, rose by 709,000 barrels that week.

The administration said that the rate of crude oil consumption in refineries increased by 85,000 barrels per day.

Refinery capacity utilization rates rose 0.5 percentage points that week.

The data showed that U.S. gasoline inventories fell by about 2.3 million barrels during the week to 214 million barrels, compared with analysts' expectations in a Reuters poll of a 1 million barrel decline.

The data indicated that distillate stocks, which include diesel and heating oil, jumped by 2.5 million barrels to 108.6 million barrels, compared to expectations of a decline of half a million barrels.

The administration explained that net U.S. imports of crude oil increased by 370,000 barrels per day.


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