U.S. crude stocks edge up, fuel inventories down -EIA - Reuters

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A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus Mordant/File Photo

Nov 10 (Reuters) - U.S. crude stocks rose last week, in part due to an injection into commercial supplies from the U.S. strategic reserves, while inventories of gasoline and distillates like diesel declined further, the Energy Information Administration said on Wednesday.

U.S. oil market supply has tightened in recent weeks as demand has kicked into higher gear, and with the resumption of more international travel, consumption could rise further in the holiday season.

Crude inventories (USOILC=ECI) rose by 1 million barrels in the week to Nov. 5, compared with analysts' expectations for an increase of 2.1 million barrels. The increase was due in part to a 3.1 million-barrel release from the U.S. Strategic Petroleum Reserve, the largest since July 2017.

U.S. President Joe Biden's administration has been discussing whether to announce more releases from the SPR to restrain rising oil prices. The SPR is generally utilized in times of emergency, or through routine sales previously approved by U.S. Congress. Wednesday's decline in stocks brought the SPR to its lowest levels since July 2003.

"Folks could be taking that as a signal that there's more to come," said John Kilduff, founding partner of hedge fund Again Capital in New York.

Gasoline stocks (USOILG=ECI) fell by 1.6 million barrels, the fifth consecutive week of draws for the most-used U.S. fuel. Overall stocks are at levels not seen since November 2017.

Distillate stocks, which include diesel and jet fuel, (USOILD=ECI), were down as well, dropping by 2.6 million barrels, versus expectations for a 1.1 million barrels drop. Distillate stocks are at their lowest since April 2020.

"The stats are generally constructive with continued declines in not only gasoline and diesel inventories but jet fuel as well," said Andrew Lipow, president of Lipow Oil Associates in Houston.

The decline in stocks came even as refiners ramped up activity in the most recent week, boosting utilization rates (USOIRU=ECI) by 0.4 percentage points to 86.7% of overall capacity. Refinery crude runs (USOICR=ECI) rose by 343,000 barrels per day.

Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell by 34,000 barrels, EIA said.

Net U.S. crude imports (USOICI=ECI) fell last week by 192,000 barrels per day.

U.S. crude futures dropped by $2.55 to $81.60 a barrel, a 3% decline, while Brent lost $1.93 to $82.86 a barrel as of 1:00 p.m. EST (1800 GMT).

Reporting By David Gaffen; Editing by David Gregorio

Our Standards: The Thomson Reuters Trust Principles.

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