Crude Oil Storage Report - May 17

[dan_s]

Oil prices rose after data showed U.S. crude stockpiles fell for the sixth week in a row.

The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 1.8 million barrels in the week ended May 12, the sixth weekly decline in a row.

Market analysts' expected a crude-stock decline of around 2.3 million barrels, while the American Petroleum Institute late Tuesday reported a supply-gain of 882,000 barrels.

The report also showed that gasoline inventories declined by 413,000 barrels, compared to expectations for a fall of 731,000 barrels.

For distillate inventories including diesel, the EIA reported a decline of 1.9 million barrels. < This may have drawn the most attention.

Refinery crude runs rose by 363,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.9 percentage points. < Continued ramp up of gasoline production

Gasoline stocks fell by 413,000 barrels, compared with analysts' expectations in a Reuters poll for a 731,000 barrels drop.

U.S. crude imports rose last week by 577,000 barrels per day.

[dan_s]

The SHORTS definitely hit the COVER button when the EIA report came out. In less than 5 minutes the June NYMEX contract for WTI jumped 70 cents.