US crude inventories fell more-than-expected last week as refinery production increased.
"US crude inventories fell more than expected and gasoline inventories and distillates rose," the report said. "Crude stocks fell 6 million barrels in the week ending Dec. 22 to 432.8 million barrels. With expectations of a decrease of four million barrels. "
"Crude inventories at the point of delivery in Kashing, Oklahoma have shrunk by 1.3 million barrels," the institute said, noting that "refinery consumption rose 268 thousand barrels per day, and increased gasoline stocks by 3.1 million barrels compared with analysts' expectations of an increase of 1.3 million barrels" .
"Distillate stocks, including diesel and heating oil, rose 2.8 million barrels compared to a forecast of 584,000 barrels," he said.
He added that "US imports of crude last week increased by 220 thousand barrels per day to 7.3 million barrels per day."