US crude stock drawn again, gasoline stocks at four-month lows

The front-month ICE Brent crude future has held steady in the first 20 minutes after the 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 5.05 million bbls on the week, to 460.91 million bbls on 21 April, according to the EIA's latest figures released today.

The weekly stock draw fell short of the 6.1 million-bbl draw estimated by the American Petroleum Institute (API) yesterday.

US refinery utilisation has averaged 91% this month, up from 89% in March and 87% in February.

Gasoline stocks fell by 2.41 million bbls for the week to 221.14 million bbls – to the lowest level since last December.

Distillate stocks, which include diesel and gasoil, declined for the second consecutive week.

By Nithin Chandran

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