US crude stocks drop amid surge in exports

The front-month ICE Brent crude futures remained steady in the first hour after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: An oil pumpjack. Getty Images

Commercial crude oil inventories in the US dropped by 3.44 million bbls to 433 million bbls in the week ending 26 July.

The stocks dropped amid higher US crude oil exports. The country's crude oil exports increased by 733,000 b/d to 4.91 million b/d on the week.

Refinery crude runs dropped by 257,000 b/d as the country's refinery utilisation fell by 1.5 percentage points to 90.1% last week – the lowest in 12 weeks.

Gasoline stocks dropped by 3.67 million bbls on the week to 224 million bbls – the lowest since December 2023.

Distillate stocks, which include diesel and gasoil, rose by 1.53 million bbls to 127 million bbls.

By Debarati Bhattacharjee

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