US crude oil inventories declined by 1.693 million barrels in the week ending July 10, following a 2.998 million-barrel build in the previous week, which had been the first increase in eleven weeks. The latest drawdown was smaller than market expectations, which had pointed to a 2.6 million-barrel decline.
Stockpiles at the Cushing, Oklahoma, delivery hub rose by 0.43 million barrels, while refinery crude runs increased by 0.099 million barrels per day.
Gasoline inventories fell by 1.533 million barrels, a larger-than-anticipated draw compared with forecasts for a 0.8 million-barrel decline. By contrast, distillate stockpiles—which include diesel and heating oil—climbed by 4.556 million barrels, significantly above expectations for a modest 0.1 million-barrel increase.
Net US crude imports decreased by 0.399 million barrels per day, marking their first decline in four weeks.
