US Crude, Distillate Stocks Fall; Gasoline Rises

Crude inventories decreased to 420.3 million barrels, significantly defying analysts' expectations in a Reuters poll for a 489,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub also fell by 743,000 barrels.

Refinery crude runs declined by 180,000 barrels per day, and refinery utilization rates dropped by 0.4 percentage points to 90.5 percent, according to the EIA. U.S. gasoline stocks increased to 257.9 million barrels, contrary to analysts' expectations for a 1.4 million-barrel build.

Distillate stockpiles, which include diesel and heating oil, fell to 127.4 million barrels, a larger decline than the anticipated 2.3 million-barrel drop. Net U.S. crude imports simultaneously rose by 1.1 million barrels per day.

The overall picture indicates strong demand for distillates and a drawdown in crude, despite increased imports and reduced refinery activity, suggesting underlying market dynamics are shifting.