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By David Gaffen
Dec 7 U.S. crude stockpiles fell last week
despite a hefty build at the Cushing, Oklahoma hub while
gasoline and distillate inventories rose as refining rates
picked up, the U.S. Energy Information Administration said on
Crude inventories fell 2.4 million barrels in
the week ended Dec. 2, compared with analyst expectations for a
draw of 1 million barrels.
A heavy decline in U.S. Gulf Coast inventories pulled
overall crude stocks down, as the PADD 3 region saw a 6.9
Crude stocks at the Cushing, Oklahoma, delivery hub for U.S.
crude futures, however, jumped by 3.8 million
barrels, EIA said.
Prices across the energy complex fell on the data, pointing
to the larger-than-expected increase in product inventories in
what has so far been a mild December across most of the United
"The report was bearish despite the overall crude oil
drawdown," said John Kilduff, partner at energy hedge fund Again
Capital LLC in New York.
"Refined product inventories rose by a substantial amount,
due to elevated refining activity, back above 90 percent
utilization, and lowered demand, especially for gasoline."
Refinery crude runs rose 134,000 barrels per
day as utilization rates gained 0.6 percentage
point to 90.4 percent of total capacity, EIA data showed.
Gasoline stocks rose 3.4 million barrels,
compared with analysts' expectations in a Reuters poll for a 1.9
Distillate stockpiles, which include diesel and
heating oil, increased by 2.5 million barrels, versus
expectations for a 1.8 million-barrel increase, the EIA data
"The solid builds to the products, despite being a seasonal
trend, are helping to usher the crude complex lower," said Matt
Smith, director of commodity research at ClipperData in
By 10:50 a.m. (1550 GMT), U.S. crude futures fell 94
cents, or 1.8 percent, to $49.99 a barrel, while Brent crude
was down 1.3 percent, or 72 cents, to $53.21 a barrel.
U.S. RBOB gasoline dropped 1.3 percent to $1.516 a
U.S. crude imports rose last week by 730,000
barrels per day.
(Reporting By David Gaffen; Editing by Marguerita Choy)