Wall Street closes at a record for the first time since end of January
Investing.com -- US petroleum inventories declined more than expected last week, according to data from the Department of Energy’s weekly report analyzed by Raymond James.
Combined inventories of crude oil, gasoline and distillates dropped 14.5 million barrels, compared to consensus estimates of a 4.3 million barrel draw.
Crude oil inventories fell 5.1 million barrels, while analysts had anticipated a build of 0.2 million barrels. The seasonal expectation was for a draw of 3.0 million barrels. The Strategic Petroleum Reserve decreased by 4.1 million barrels.
Gasoline inventories declined 6.3 million barrels, surpassing the consensus forecast of a 2.1 million barrel draw. Distillate inventories fell 3.1 million barrels, compared to expectations of a 2.4 million barrel decrease.
Refinery utilization dropped to 89.6% from 92.0% in the previous week. Total petroleum imports averaged 6.7 million barrels per day, down from 8.2 million barrels per day the prior week.
The 12-month futures strip stood at $79.33 per barrel for West Texas Intermediate and $83.36 per barrel for Brent crude.
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