US crude stocks decline, refinery utilisation rises in March

Front-month ICE Brent crude futures declined by $0.62/bbl in the first 20 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 3.74 million bbls on the week, to 469.96 million bbls on 31 March, according to the EIA's latest figures released today.

The weekly stock draw fell short of the 4.3 million-bbl draw estimated by the American Petroleum Institute (API) yesterday.

US refinery utilisation averaged 89% in March, up from 87% in February and 85% in January. But the refinery utilisation is still lower than levels of 90% in December and 94% in November.

Gasoline stocks fell for a seventh consecutive week to 222.58 million bbls.

Distillate stocks, which include diesel and gasoil, plunged to their lowest level since last November, signalling stronger demand.

By Nithin Chandran

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