September 26, 2012 / 2:56 PM / 5 years ago

U.S. oil stocks fall on large drop in imports-EIA

NEW YORK, Sept 26 (Reuters) - U.S. crude oil and refined product stockpiles
fell unexpectedly last week as crude imports plunged, government data showed on
Wednesday.   
    Domestic stocks of crude fell by 2.45 million barrels to 365.18 million
barrels, the Energy Information Administration reported. Analysts polled by
Reuters had forecast a stock increase of 900,000 barrels. 
    U.S. imports of crude dropped by 2.25 million barrels per day from the
previous week, to 7.55 million barrels per day. 
    Refinery utilization fell by 1.5 percentage points to 87.4 percent of
capacity. Analysts had forecast a rise in plant utilization of 0.3 percentage
point.
    U.S. gasoline inventories fell by 481,000 barrels to 195.83 million barrels.
Analysts in a Reuters poll had expected an increase of 200,000 barrels. 
    U.S. distillate stocks, which include diesel and heating oil, fell by
482,000 barrels to 127.75 million barrels, compared with analysts' average
forecast for an increase of 800,000 barrels.
    U.S. crude futures extended losses within minutes after the EIA data
was released. By 10:37 a.m. EDT (1437 GMT), they were trading down $2.00 at
$89.37 per barrel. 
    Crude stockpiles at Cushing, Oklahoma, fell by 83,000 barrels to 43.73
million barrels. 

 (Reporting by Joshua Schneyer; Editing by Dale Hudson)
 (matthew.robinson@thomsonreuters.com; 646 223 6052; Reuters Messaging:
matthew.robinson.reuters.com@reuters.net)

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