US crude stock draw falls short of expectations

Front-month ICE Brent crude futures declined by $0.78/bbl in the first 50 minutes after 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 452,000 bbls on the week, to 459.21 million bbls on 2 June, according to the EIA's latest figures released today.

The weekly stock draw was way smaller than the American Petroleum Institute (API) projection of a 1.71 million-bbl draw a day earlier.

US refinery utilisation increased by a massive 2.70 percentage points to 96% - the highest since last November.

Gasoline stocks grew by 2.75 million bbls on the week to 218.82 million bbls.

Distillate stocks, which include diesel and gasoil, surged by a massive 5.07 million bbls and hit a seven-week high.

By Nithin Chandran

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