US crude, gasoline and distillate stocks rise

Front-month ICE Brent crude futures gained $0.58/bbls in the first 30 minutes after the 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 increased by 3.96 million bbls on the week, to 420.59 million bbls on 8 September, after falling for four consecutive weeks, according to the EIA's latest figures released today.

The weekly stock build was much bigger than the 1.17 million bbl-rise estimated by the American Petroleum Institute (API) yesterday.

The country's refinery utilisation remained steady at 94% last week. 

Gasoline stocks jumped by 5.56 million bbls over the week, to 220 million bbls – to hit an 11-week high.

Distillate stocks, which include diesel and gasoil, also increased by a massive 3.93 million bbls to 122 million bbls, which was the highest since January 2022.

By Debarati Bhattacharjee

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