US crude stocks heavily drawn, refinery utilisation rises in April

Front-month ICE Brent crude futures has remained steady in the first 20 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 declined by 4.58 million bbls on the week, to 465.97 million bbls on 14 April, according to the EIA's latest figures released today.

The weekly stock draw was bigger than the 2.68 million bbls draw estimated by the American Petroleum Institute (API) yesterday.

US refinery utilisation has averaged 90% this month, up from 89% in March and 87% in February.

After declining for eight consecutive weeks, the gasoline stocks grew by 1.30 million bbls for the week ending 14 April.

Distillate stocks, which include diesel and gasoil, have declined for third consecutive week and to their lowest level since last November, which may signal stronger demand.

By Nithin Chandran

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