US crude inventories tumbled 7.216 million barrels to 336.315 million barrels last week, the American Petroleum Institute reported Wednesday, exceeding analyst expectations of a 1.8-million-barrel draw.

Crude imports fell 124,000 b/d to 9.64 million b/d, while refinery inputs climbed 187,000 b/d to 15.127 million b/d, calling into question the size of the stock draw.

US crude production was stable at 5.134 million b/d. US Midwest crude inventories fell 1.316 million barrels to 82.394 million barrels, the API data showed, with stocks at the NYMEX crude contract delivery point of Cushing, Oklahoma, falling 1.87 million barrels to 29.645 million barrels. The Cushing draw likely stemmed from a narrowing of the NYMEX crude contango. The October/November crude spread settled at minus 51 cents/barrel Wednesday, tightening from minus 70 cents/b on August 31. US Gulf Coast crude inventories fell 4.298 million barrels to 170.735 million barrels, as imports into the region fell 713,000 b/d to 5.213 million b/d.

Atlantic Coast crude imports jumped 429,000 b/d to 1.706 million b/d.

In the products, total US distillate inventories climbed 3.282 million barrels to 165.098 million barrels the week ending September 4, the API data showed.

The API reported a small increase in distillate production, up 82,000 b/d to 4.273 million b/d, and a rise in imports to 258,000 b/d from 174,000 b/d, which suggested distillate demand had fallen, considering the size of the stock build.

A distillate stock build was to be expected this time of year as the market prepares for winter heating season, although the increase exceeded analyst expectations of a 1.1-million-barrel build.

Low sulfur diesel inventories climbed 1.473 million barrels to 116.164 million barrels, while high sulfur heating oil stocks climbed 1.809 million barrels to 48.934 million barrels.

Total US gasoline stocks were up 571,000 barrels at 207.479 million barrels, said API. Gasoline production rose 127,000 b/d to 9.211 million b/d. Conventional gasoline imports fell to 76,000 b/d from 250,000 b/d, while blending component imports climbed 210,000 b/d to 867,000 b/d.

--Jeff Mower, jeff_mower@platts.com