(Reuters) -US crude stocks, gasoline and distillate deposits fell last week, as refineries slowed runs ahead of the end of the year, the Energy Information Administration said Wednesday.
Road fuel demand has improved slightly in the last week, with analysts saying more sustainable fuel consumption in 2021 will depend on whether COVID-19 vaccines are readily available and supportive. economic recovery.
Crude deposits fell 562,000 barrels per week to Dec. 18 to 499.5 million barrels, compared to analysts ’expectations in a Reuters poll for a fall of 3.2 million barrels. That follows a staggering 3-million-barrel jump in investments reported by the American Petroleum Institute, an industry group, Tuesday.
Prices, with U.S. crude futures gaining 2%, or 95 cents, rose to $ 47.97 a barrel as of 10:47m ET (1547 GMT). Brent also rose 2%, hitting $ 51.06 per barrel.
The refinery’s crude run fell 169,000 barrels per day per week, the EIA said. Refinery usage rates fell 1.1 percentage points.
U.S. gasoline stocks fell 1.1 million barrels, compared to expectations for a 1.2 million-barrel increase.
“It was great to see gasoline demand return above 8 million bpd, which is supportive and shows that people are getting back on track a bit,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
Gasoline demand as measured by refinery-produced output rose sharply in the most recent week, but is down nearly 14% over the past four weeks compared to a year ago. Fuel demand has been soft all year due to COVID-19, down 13% in 2020.
“The key heads for demand are the speed with which vaccines are made available to the general public and people are brought back on the road and into aircraft,” said Andrew Lipow, president. Lipow Oil Associates in Houston.
Distillate stocks, which include diesel and heating oil, fell 2.3 million barrels, compared to an expected 904,000-barrel fall, the EIA said.
Reporting by David Gaffen; edited by Barbara Lewis