FX.co ★ US Crude Oil Inventories Fall More than Expected

US crude oil inventories declined by 7.974 million barrels in the week ended May 29, the largest weekly draw since February and well above market expectations for a 4 million barrel decrease. Stocks at the Cushing, Oklahoma delivery hub also fell, down by 583 thousand barrels. Refinery utilization eased, with crude runs slipping by 90,000 barrels per day. In contrast, gasoline inventories climbed by 3.364 million barrels, defying forecasts for a 0.3 million barrel decline. Distillate inventories, which include diesel and heating oil, rose by 1.502 million barrels, compared with expectations for a 0.3 million barrel draw. Net US crude imports fell by 249 thousand barrels per day over the week.