EIA reports a huge draw in US crude oil stocks

Brent crude’s price has moved higher after the weekly official US oil stocks figures from the US Energy Information Administration (EIA) were released yesterday.

IMAGE: Getty Images

Commercial US crude oil inventories have plunged by about 11.5 million bbls to touch 421 million bbls for the week ending 13 June, according to data from the EIA.

US refinery utilisation has dropped by one percentage point to 93.2%.

Gasoline stocks gained by 209,000 bbls over the week to 230 million bbls and middle distillate stocks moved 514,000 bbls higher to 109 million bbls.

By Aparupa Mazumder

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