US crude stocks rise, refinery utilisation hits six-month high
Despite the stock build-up, the crude futures gained by $0.72/bbl in the first 15 minutes after the 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 gained by 4.49 million bbls on the week, to 459.66 million bbls on 26 May, according to the EIA's latest figures released today.
The weekly stock build fell short of the 5.2 million-bbl build estimated for the same week by the American Petroleum Institute (API) yesterday. Both builds ran counter to analyst projections of a 1.2 million-bbl draw.
US refinery utilisation averaged 92% in May – the highest in six months.
Gasoline stocks fell by 207,000 bbls in the latest week, to 216 million bbls, and have been declining for four consecutive weeks in a signal of stronger demand.
Distillate stocks, which includes diesel and gasoil, increased by 985,000 bbls to 106.66 million bbls over the same period.
By Nithin Chandran
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