June 3 (Reuters) - U.S. crude stocks fell more than expected
last week, while fuel stocks rose in a pre-holiday rebound from
drawdowns that occurred during the Colonial Pipeline outage, the
Energy Information Administration said on Thursday.
Crude inventories fell by 5.1 million barrels
in the week ended May 28, compared with analysts' expectations
for an decrease of 2.4 million barrels.
Gasoline stocks rose by 1.5 million barrels,
contrary to expectations for a 1.5 million-barrel drop. Gasoline
product supplied, a measure of demand, fell 3.5% to 9.1 million
barrels per day.
"It looks like some of that Colonial Pipeline panic buying
weighed on implied demand on the week so folks had plenty of gas
in the tank ahead of Memorial Day," said John Kilduff, partner
at Again Capital in New York. The three-day Memorial Day weekend
is considered the traditional start of the U.S. summer vacation
Distillate stockpiles, which include diesel and
heating oil, rose by 3.7 million barrels, versus expectations
for a 1.5 million barrel drop.
Refinery crude runs rose by 358,000 barrels per
day, while refinery utilization rates rose by 1.7
U.S. crude futures futures for July delivery fell 42
cents to $68.41 a barrel at 11:29 a.m. EDT (1529 GMT), while
Brent fell 49 cents to $70.86 a barrel.
Net U.S. crude imports rose last week by
247,000 barrels per day.
Crude stocks at the Cushing, Oklahoma, delivery hub
rose by 784,000 barrels, EIA said.
(Reporting by Laura Sanicola; Editing by David Gregorio)