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United States : US crude stockpiles drop unexpectedly last week: EIA

Mar 14, 2019 (Euclid Infotech Ltd via COMTEX) --

US crude oil stockpiles declined unexpectedly last week as output slipped from record highs and refining rates edged up, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday.

Crude inventories fell by 3.9 million barrels in the last week, compared with analysts' expectations for an increase of 2.7 million barrels.

The biggest decline came from the Gulf Coast, where stockpiles fell by more than 5 million barrels to 222.1 million barrels. Inventories in the East Coast and Midwest regions increased.

Crude stocks at the Cushing, Oklahoma, delivery hub fell 672,000 barrels, their first drawdown in a month, the EIA said.

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