US commercial crude stocks fell 545,000 barrels to 360.95 million barrels in the reporting week that ended August 29, according to American Petroleum Institute data released Wednesday.
The data was released a day later than usual because of the US Labor Day holiday on Monday.
Analysts surveyed Tuesday had been expecting a 2 million-barrel draw.
The draw was largest on the US West Coast, where stocks fell 2.65 million barrels to 51.13 million barrels. Crude runs at USWC refineries rose 94,000 b/d to 2.53 million b/d last week, while imports fell 19,000 b/d to 1.13 million b/d.
However, crude stocks on the US Gulf Coast rose 1.91 million barrels to 191.85 million barrels as crude runs in the region slumped 102,000 b/d to 8.64 million b/d. Higher imports likely fed into the build as well. USGC imports rose 216,000 b/d to 3.79 million b/d, API said.
The cut in USGC runs helped drag regional refinery utilization rates down 0.8 percentage points to 95.1% of capacity. Total US refinery utilization rates fell 0.5 percentage points to 93.2% of capacity. Analysts had been expecting a 0.7 percentage point drop.
Meanwhile, stocks at Cushing, Oklahoma -- delivery point for the NYMEX crude futures contract -- fell 108,000 barrels to 20.3 million barrels last week, API data show.
US gasoline stocks rose 362,000 barrels to 211.44 million barrels last week, counter to analysts' expectations of a 1.6 million-barrel draw.
Stocks on the USAC -- home to the New York Harbor-delivered NYMEX RBOB contract -- rose 928,000 barrels to 57.72 million barrels, API said. USGC stocks were largely steady, rising 135,000 barrels to 74.52 million barrels.
US distillate stocks rose 385,000 barrels to 123.74 million barrels. Analysts had been expecting a 1.2 million-barrel draw.
USGC ULSD stocks fell 388,000 barrels to 31.62 million barrels.
