The U.S. Energy Department's weekly inventory release showed a larger-than-expected drop in crude stockpiles, while gasoline and distillate supplies climbed steeply. Meanwhile, refinery run-rates were up slightly from the previous week.

The Energy Information Administration (“EIA”) Petroleum Status Report – that contains data for the previous week ending on Friday – outlines information regarding the weekly change in petroleum inventories held and produced by the U.S., both locally and abroad.

Crude Oil

Stockpiles in the world's biggest oil user have fallen by more than 24 million barrels since November 26, sending crude prices to above $90 a barrel.

However, at 335.3 million barrels, crude supplies are 2.4% above the year-earlier level and remain above the upper limit of the average for this time of the year. The crude supply cover was down from 22.7 days in the previous week to 22.4 days. In the year-ago period, the supply cover was 23.7 days.

Gasoline

Supplies of gasoline rose for the sixth time in seven weeks, as low demand outweighed the effects of imports and production fall. The 3.29 million barrels jump – more than analyst projections – took the gasoline stockpiles to 218.1 million barrels. Current inventory levels are 0.7% below year-earlier levels and are on the upper half of the average range.

Distillate

Refinery Rates

Refinery utilization was up 0.2% from the prior week to 88.0%. Analysts were looking for the refinery run rate to remain unchanged at 87.8%.