US crude stocks rise, lowest distillate stocks since November 2022

Front-month ICE Brent crude futures gained by $0.21/bbl in the first one hour 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 grew by 597,000 bbls on the week, to 475.55 million bbls on 7 April, according to the EIA's latest figures released today.

The weekly stock build was bigger than the 377,000-bbl build estimated by the American Petroleum Institute (API) yesterday.

Crude stocks grew amid a 0.30 percentage point drop in US refinery utilisation, which fell to a three-week low of 89.3%.

Gasoline stocks fell for an eighth consecutive week to 222.25 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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