US crude oil inventories declined by 8.262 million barrels in the week ended June 12, the largest weekly draw since February, bringing total stocks down to 418.2 million barrels. The draw significantly exceeded market expectations of a 4.6 million-barrel decrease. Inventories at the Cushing, Oklahoma, delivery hub fell by 1.606 million barrels.
Refinery activity strengthened, with crude runs increasing by 230,000 barrels per day and refinery utilization rising by 1.4 percentage points. Gasoline inventories slipped by 0.906 million barrels to 214.2 million barrels, roughly in line with forecasts for a 1 million-barrel decline. Distillate stockpiles—which include diesel and heating oil—rose by 0.951 million barrels to 103.1 million barrels, contrary to expectations for a 0.5 million-barrel draw. Net crude imports decreased by 241,000 barrels per day.
