US crude stock draw falls short of expectations

Front-month ICE Brent crude futures fell by $0.31/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 dropped by 1.51 million bbls on the week, to 452.18 million bbls on 30 June, according to the EIA's latest figures released today.

The weekly stock draw was way smaller than the American Petroleum Institute (API) projection of a 4.38 million-bbl draw a day earlier.

US refinery utilisation averaged 93% in June, up from 92% in May and 91% in April.

Gasoline stocks fell by 2.55 million bbls on the week and hit a four-week low of 219.45 million bbls.

Distillate stocks, which include diesel and gasoil, dropped by 1.05 million bbls to 113.36 million bbls.

By Debarati Bhattacharjee

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