US crude stocks rise again, distillate stocks decline for fifth consecutive week

Front-month Brent crude futures have dropped $0.87/bbl since official US crude stocks data showed a weekly build.

PHOTO: Oil refinery complex with big American flag displayed, and fumes coming out from the chimney. Getty Images

Commercial US crude inventories grew by 773,000 bbls on the week, to 421.89 million bbls on 27 October, according to the US Energy Information Administration (EIA).

The weekly stock build was smaller than the 1.35 million-bbl build estimated by the American Petroleum Institute (API) on Tuesday.

US refinery utilisation remained steady at 85% last week.

Gasoline stocks have gained by 65,000 bbls over the week, to 224 million bbls.

Distillate stocks, which include diesel and gasoil, dropped by 792,000 bbls to 111 million bbls – the lowest since May this year.

By Debarati Bhattacharjee

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