Brent steady despite big US crude stock build

Front-month ICE Brent crude futures declined by just $0.12/bbl in the first 20 minutes after official weekly figures from the US Energy Information Administration (EIA) were released today.

PHOTO: Oil refinery complex with big American flag displayed, and fumes coming out from the chimney. Getty Images

Commercial US crude inventories swelled by 7.92 million bbls on the week, to 467.12 million bbls on 9 June, according to the EIA's latest figures released today.

The weekly stock build was way bigger than the American Petroleum Institute (API) projection of a 1.02 million-bbl build a day earlier.

US refinery utilisation decreased by 2.10 percentage points to 94%. Utilisation has averaged 95% so far this month, which is up from 92% in May and 91% in April.

Gasoline stocks grew by 2.11 million bbls on the week to 220.92 million bbls and hit a six-week high.

Distillate stocks, which include diesel and gasoil, surged by a massive 2.12 million bbls.

By Nithin Chandran

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