US crude and fuel stocks fall, EIA says

• Crude inventories fell to 419.8 million barrels, with the Cushing, Oklahoma hub declining by 1.1 million barrels
• Gasoline stocks dropped 3.2 million barrels to 255.8 million barrels, far exceeding the expected 0.3 million-barrel draw
• Refinery utilization rates increased by 1.6 percentage points to 91%, while net U.S. crude imports fell by 1.13 million barrels per day

US Crude and Fuel Stocks Fall Sharply, Exceeding Expectations

Key Figures:

The U.S. Energy Information Administration (EIA) reported significant inventory declines for the week ended February 13:

• Crude oil inventories: Dropped 9 million barrels to 419.8 million barrels, far exceeding analyst expectations of a 2.1 million-barrel increase
• Gasoline stocks: Fell 3.2 million barrels to 255.8 million barrels, versus forecasts for a 0.3 million-barrel draw
• Distillate stockpiles: Declined 4.6 million barrels to 120.1 million barrels, compared to expectations of a 1.4 million-barrel decrease
• Cushing, Oklahoma hub: Crude stocks dropped 1.1 million barrels

Operational Data:

• Refinery crude runs increased by 77,000 barrels per day
• Refinery utilization rates rose 1.6 percentage points to 91%
• Net U.S. crude imports fell by 1.13 million barrels per day

Market Implications:

The substantial inventory draws across all major petroleum products significantly exceeded analyst expectations, suggesting stronger-than-anticipated demand or supply constraints. The 9 million-barrel crude decline represents a notable deviation from the expected inventory build, potentially supporting oil prices.

Higher refinery utilization rates at 91% indicate robust processing activity, yet inventories still declined sharply, pointing to strong domestic consumption. The decrease in crude imports combined with falling stockpiles may signal tightening supply conditions in the U.S. market.

These larger-than-expected inventory decreases could be bullish for energy markets, potentially driving crude oil and refined product prices higher as tighter supplies typically support price increases.