EIA: US Crude Stockpiles Fall Less Than Expected

U.S. crude stocks fell last week, while gasoline and distillate inventories rose, the Energy Information Administration (EIA) said Aug. 8.

Crude inventories fell by 1.4 million barrels in the last week, compared with analysts’ expectations for a decrease of 3.3 million barrels.

“The report was negative for prices with the smaller-than-expected drawdown in crude oil inventories and the decent sized rise in refined product inventories,” said John Kilduff, a partner at Again Capital Management in New York. “Refiner demand for crude oil remains high, however, as does consumer demand for gasoline.”