U.S. crude stocks fall faster than expected; fuel stocks increase; EIA soaring in oil stocks

U.S. crude stocks fall faster than expected; fuel stocks increase; EIA soaring in oil stocks ...

Dec 22 - U.S. crude stocks fell more than expected for the most recent week due to year-end tax considerations, analysts said. The fuel and distillate stocks rose on Wednesday, Energy Information Administration said Wednesday.

The crude inventories fell from 4.7 million barrels in the week to Dec. 17 to 423.6 million barrels, compared with the expected losses of analysts in a Reuters poll for a 2.7 million barrel drop.

U.S. companies that stock large quantities of oil dwindle inventory in the last two weeks of the year to cut the royalty price, particularly in the Gulf of the United States.

"A total crude output of 4,7 million barrels was driven again by a drop on the Gulf Coast and more oil refinery runs," said Matt Smith, head of Americas oil analyst Kpler.

The EIA said net oil imports rose by 498 bar bet per day last week, while exports dropped as well.

The gasoline stock rose more than the previous week, with a build of 5.5 million barrels in the week, compared to expectations for the rise of 467,000 million barrels. A few analysts said the increase was an early signal of weakening demand due to the Omicron variant of the coronavirus.

The market is a little disappointing, but for those who listen to the news, consumer confidence was telling a different story: Consumer confidence, usually when it rises, the gasoline rises, so it's a big move for a client in Chicago.

The United States released the barrels from the US Strategic Petroleum Reserve, which fell to its lowest level since November 2002 with a balance of 596,4 million.

Crude stocks in the town of Cushing, Oklahoma, the delivery hub has grown by a million barrels last week, said the EIA.

Refinery crude runs were up by 148,000 barrels per day last week and refinery use rates fell by 0,2 % to 89,6 % of total capacity.

Distillate stocks jumped nearly 366 milliliters in the week.

Since the report released, crude futures had 50 cents of dollars per barrel, while crude futures went up to 70 cents to $71.57 a barrel at 11 a.m. ET (1605 GMT), and Brent rose 32 cents to $74.32 a barrel.

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