US crude stocks heavily drawn, gasoline and distillate stocks also fall

Buyers of front-month ICE Brent took little notice of the crude stock draw and the crude futures declined by $0.30/bbl in the first 15 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 plunged by 12.46 million bbls on the week, to 455.17 million bbls on 19 May, according to the EIA's latest figures released today.

The weekly stock draw was much bigger than the 6.8 million bbls draw estimated by the American Petroleum Institute (API) yesterday. The crude stocks have declined to a 15-week low.

The US refinery utilisation has averaged 92% this month – the highest in six months.  

Gasoline stocks fell by 2.05 million bbls for the week to 216.28 million bbls – declining for the third consecutive week.

Distillate stocks, which include diesel and gasoil, also declined by 561,000 bbls on the week, to 105.67 million bbls.

By Nithin Chandran

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