U.S. crude oil stockpiles fell unexpectedly last week, the Energy Information Administration said on Wednesday, and strong gasoline demand could point to additional drawdowns in coming weeks as driving season approaches.  Crude inventories fell by 4 million barrels in the week to May 3, compared with analysts’ expectations for an increase of 1.2 million barrels. Net U.S. crude imports fell 432,000 barrels per day to 4.4 million bpd, and crude production edged down 100,000 bpd from its record high to 12.2 million bpd. The drawdown in crude stocks came even as refineries cut back output, and 900,000 barrels was added to supply through the release from the U.S. Strategic Petroleum Reserve. Overall crude inventories, not including the SPR, fell to 466.6 million barrels […]

Posted in: USA