US crude inventories fall against expectations

Oil tanks

US crude oil inventories decreased during the week ended Dec. 26, missing forecasts for an increase, while the increase in fuel stockpile exceeded estimates during the same period.   

Commercial crude stockpiles fell by 1.9 barrels last week, while estimates pointed to an increase of 100,000 barrels, according to data released on Dec. 31 by the Energy Information Administration (EIA).

Gasoline inventories rose by 5.8 million barrels, compared to expectations of an increase by 300,000 barrels.

Distillate stocks — including diesel and heating oil — climbed by 5 million barrels, compared to estimates of an increase by 800,000 barrels. The overall data indicate weakness in fuel demand in the world’s largest economy during the week.