blending and under-reported oil output were key reasons for recently high adjustment figures in the weekly oil inventory data, the EIA said last week.
"This adjustment number is, for lack of a better word, is a freak show. That is basically why you're getting a draw," said Bob Yawger, director of energy futures at Mizuho.
U.S. gasoline stocks fell by 1.1 million barrels in the week to 238.1 million barrels, and U.S. gasoline demand over the past four weeks fell 0.2% from a year ago, EIA said, while total product demand in the period fell 8.4%.
"Gasoline demand is going back down again to depressed levels," said John Kilduff, partner at Again Capital LLC in New York.
Distillate stockpiles , which include diesel and heating oil, rose by 0.1 million barrels in the week to 122.3 million barrels, the highest since January 2022, the EIA data showed. Distillate demand is off 14.6% from a year ago, according to the agency.
Crude stocks at the Cushing, Oklahoma delivery hub fell by 890,000 barrels in the last week, EIA said. Refinery crude runs fell by 12,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 0.2 percentage points in the week.? Net U.S. crude imports rose by 2.33 million barrels per day, EIA said. (Reporting by Laura Sanicola; Editing by Kirsten Donovan and David Gregorio)
