Brent drops following US crude stockbuild

The front-month ICE Brent crude futures fell by $0.51/bbl in the first 40 minutes after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: Oil refinery complex with big US flag displayed, and fumes coming out from a chimney. Getty Images

Commercial US crude inventories grew by 3.6 million bbls on the week, to 439.35 million bbls on 10 November, according to the EIA.

The weekly stockbuild was bigger than the 1.34 million-bbl build estimated by the American Petroleum Institute (API) on Tuesday.

US refinery utilisation remained steady at 86% last week.

Gasoline stocks dropped by 1.5 million bbls over the week, to 224 million bbls, following a hefty 6.3 million-bbl drop in the previous week.

Similarly, distillate stocks, which including diesel and gasoil, fell by 1.42 million bbls to 107 million bbls. That followed a 3.3 million-bbl drop in the previous week and brought the stocks down to their lowest position since May.

By Debarati Bhattacharjee

Please get in touch with comments or additional info to news@engine.online