EIA: US crude oil stocks drawn amid strong refining activity

US crude inventories have declined on the week, while gasoline stocks have grown substantially as refiners ramped up production, according to official Energy Information Administration (EIA) data.

PHOTO: American Flag on an Oil Refinery. Getty Images

US commercial crude stocks fell by 3.7 million bbls to 431.7 million bbls in the week to 18 November. The draw exceeded expectations of a 1.1-million-bbl drop from Reuters analysts.

US gasoline stocks rose by 3.1 million bbls on the week, much higher than the projection of a 383,000-bbl build from analysts polled by Reuters.

Volumes of crude released from the US strategic petroleum reserves (SPR) accelerated to 1.6 million bbl on the week. The emergency reserves have declined to a fresh 40-year low of 390.5 million bbls, according to a Reuters report.

By Konica Bhatt

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