US crude stocks fall unexpectedly in week: EIA
(Reuters) US crude stocks fell unexpectedly last week, while gasoline stocks decreased more than expected and distillate inventories rose, data from the Energy Information Administration showed on Wednesday.
Crude inventories fell by 2.5 MMbbl in the last week, compared with analysts' expectations for an increase of 522 Mbbl.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 724 Mbbl, EIA said.
"While the numbers are bullish in terms of headlines and we could see crude rally further on more rhetoric ahead of the informal OPEC-and-rest meeting, we feel all these are already baked into the cake," said Tariq Zahir, trader in crude oil spreads at Tyche Capital in New York.
WTI crude futures for September delivery fell $0.14 to $46.44/bbl, at 11:51 a.m. Eastern (15:51 GMT). WTI prices traded at a high point for the day of $46.79 and a low of $45.84/bbl. Brent crude futures for October delivery rose $0.16 to $49.39/bbl.
Refinery crude runs rose by 268 Mbpd, EIA data showed. Refinery utilization rates rose by 1.3%.
Gasoline stocks fell by 2.7 MMbbl, compared with analysts' expectations in a Reuters poll for a 1.6 MMbbl drop.
Distillate stockpiles, which include diesel and heating oil, rose by 1.9 MMbbl, versus expectations for a 742 Mbbl drop, the EIA data showed.
US crude imports fell last week by 211 Mbbl.
Reporting By Jessica Resnick-Ault; Editing by Jonathan Oatis
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