US crude stocks fall to lowest level since June 2022

Front-month ICE Brent crude futures has remained steady in the first 15 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 fell by a massive 6.31 million bbls on the week, to 416.64 million bbls on 1 September, which is the lowest level since June last year, according to the EIA's latest figures released today.

The weekly stock draw was bigger than the 5.52 million bbl-draw estimated by the American Petroleum Institute (API) earlier today.

The country's refinery utilisation remained steady at 93% last week.  

Gasoline stocks dropped by 2.7 million bbls over the week, to 214 million bbls – the lowest since November 2022.

Distillate stocks, which include diesel and gasoil, increased by 679,000 bbls to 119 million bbls, which was the highest since March.

By Debarati Bhattacharjee

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