According to the U.S. Energy Information Administration (EIA), U.S. crude inventories experienced an unexpected decline of 4.3 million barrels in the week ending December 8, surpassing analysts' expectations for a 650,000 barrel drop. Gasoline stocks rose by 408,000 barrels to 224 million barrels, falling short of the forecasted 1.9 million-barrel increase. Despite concerns about lackluster demand, gasoline demand destruction was less severe than feared, potentially influencing market sentiment positively. West Texas Intermediate (WTI) futures increased by 1.1% to $69.36 a barrel, while U.S. gasoline futures climbed 1.5% to $2.014 a gallon. Refinery crude runs decreased by 104,000 barrels per day, and utilization rates dipped by 0.3 percentage points. Distillate stockpiles, including diesel and heating oil, rose by 1.5 million barrels to 113.5 million barrels, exceeding the expected 600,000 barrel rise. Additionally, net U.S. crude imports fell by 423,000 barrels per day, while crude stocks at the Cushing, Oklahoma, delivery hub increased by 1.2 million barrels.

SOURCE:GOOGLE