Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels last week, the EIA said. Refinery crude runs fell by 22,000 barrels per day (bpd) and refinery utilization rates rose by 0.4 percentage point in the week. Gasoline stocks fell by 6.4 million barrels to 229.6 million barrels, the EIA said, compared with analysts' expectations for a 1.7 million-barrel drop.? Distillate stockpiles , which include diesel and heating oil, fell by 3.3 million barrels in the week to 116.4 million barrels, versus expectations for a 1.5 million-barrel drop, the data showed. Net U.S. crude imports rose last week by 51,000 bpd, the EIA said.
EIA'S ADJUSTMENT CONUNDRUM The EIA said it would change calculations and surveys around its weekly oil inventory data to combat recently high adjustment figures.
The administration posted a nearly 2 million bpd crude
oil adjustment in Wednesday's data. In late February, that
figure had soared to 2.27 million bpd, the highest adjustment on
record.
The EIA stated earlier this month that
crude oil blending and under-reported oil output were key reasons for the high adjustment numbers.
The administration estimates the crude oil adjustments in 2022 could have been 500,000 bpd less than reported, it said on Wednesday.
To address overstated crude oil disposition, the EIA
will introduce a new column into its supply and disposition
tables called Transfers to Crude Oil Supply, it said, adding it
hopes to make this change around August.
The administration will also make changes to its surveys
to address understated crude oil supply. It is developing
additional questions to add to its survey forms and plans to
publish a new product code on a natural gas plant processing
survey early in 2024.
(Reporting by Stephanie Kelly; additional reporting by Shariq
Khan
Editing by Marguerita Choy and David Gregorio)