US crude stocks rise, gasoil and distillate stocks drawn

The front-month ICE Brent crude future declined by $0.38/bbl in the first half hour after the official weekly figures from the US Energy Information Administration (EIA) were released today.

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

Commercial US crude inventories gained by 2.95 million bbls on the week, to 462.58 million bbls on 5 May, according to the EIA's latest figures released today.

The weekly stock build fell short of the 3.6 million-bbl build estimated for the same week by the American Petroleum Institute (API) yesterday.

US refinery utilisation increased by 0.30 percentage points to 91%.

Gasoline stocks fell by a massive 3.17 million bbls for the week to 219.71 million bbls – the lowest level since last November.

Distillate stocks, which include diesel and gasoil, declined for a sixth consecutive week.

By Nithin Chandran

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