US crude stocks rise to seven-week highs

Front-month ICE Brent crude futures dropped $0.38/bbls in the first 10 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 grew by a massive 10.18 million bbls on the week, to 424.24 million bbls on 06 October, according to the EIA.

The weekly stock build was less than the American Petroleum Institute's (API) projection of a 12.94 million bbls build a day earlier.

US refinery utilisation fell by 1.60 percentage points to a near nine-month low of 85.7%.

Gasoline stocks have dropped by 1.3 million bbls over the week, to 226 million bbls.

Distillate stocks, which include diesel and gasoil, dropped by 1.8 million bbls to 117 million bbls – the lowest in six weeks.

By Debarati Bhattacharjee

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