US crude stocks decline, distillates hit 12-week high
Front-month ICE Brent crude futures fell by $0.73/bbl in the first 40 minutes after official weekly figures from the US Energy Information Administration (EIA) were released today.
PHOTO: A storage facility for oil prior to being transported for refining and distribution for energy consumption throughout the US. Getty Images
Commercial US crude inventories dropped by 3.83 million bbls on the week, to 463.29 million bbls on 16 June, according to the EIA's latest figures released today.
The weekly stock draw was bigger than the the 1.25 million-bbl drop projected by the American Petroleum Institute (API) a day earlier.
US refinery utilisation decreased by another 0.60 percentage points to 93%. Utilisation has averaged 94% so far this month, which is up from 92% in May and 91% in April.
Gasoline stocks grew by 479,000 bbls on the week and hit a seven-week high of 221.40 million bbls.
Distillate stocks, which include diesel and gasoil, increased by 434,000 bbls to 114.28 million bbls - the highest in 12 weeks.
By Debarati Bhattacharjee
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