United States crude stocks fall, but gasoline, distillates up

United States crude stocks fall, but gasoline, distillates up

Gasoline stocks rose by 3.6 million barrels, compared with analysts' expectations in an economist poll for a 1.2-million-barrel gain.

Inventories at the closely watched Cushing, Oklahoma delivery hub fell by 2.9 million barrels to 58.3 million barrels last week, its biggest weekly draw since Sept 2009.

This was the largest weekly draw at Cushing since September 2009, and analysts attributed the decline to the shutdown of the Keystone crude pipeline on November 16 after a leak of 5,000 barrels of oil in South Dakota.

That line, operated by TransCanada Corp, was reopened on Tuesday.

Distillate inventories also saw a build this week, up 2.696 million barrels, against a forecast of a 230,000-barrel build.

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Crude palm oil prices fell 0.42 per cent to Rs 583.90 per 10 kg in futures trade today as speculators booked profits at prevailing higher levels amid fall in demand at spot markets. Brent was trading down 0.44 percent on the day at $63.10.

That had been expected, but there was some concern headed into OPEC's decision, expected Thursday, that the agreement might not be extended that long.

Brent crude futures were up 35 cents on the day at $63.96 USA a barrel late morning Wednesday, while US light crude rose 23 cents to $58.22 US a barrel. The S&P Global Platts survey forecast a supply rise of 1.1 million barrels for gasoline and an increase of 160,000 barrels for distillates. Visit MarketWatch.com for more information on this news.

Meanwhile, Bloomberg on Wednesday quoted Roger Diwan, a veteran OPEC watcher at IHS Markit, as stating, "Every barrel the U.S.is able to grow now is a barrel that needs to be exported".

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