API reports large build in US crude stocks

London (Quantum Commodity Intelligence) - US crude stocks built 4.3 million barrels last week although there were draws in gasoline and distillates, according to reports of data from the American Petroleum Institute.

Gasoline stocks were down 1.29 million barrels and distillate stocks were down 2.42 million barrels over the week to April 23.

The data differs sharply expectations of ten analysts polled by Reuters, who expected crude stocks to build around 700,000 barrels, gasoline stocks to build 500,000 barrels, and distillate stocks to fall 600,000 barrels over the same week.

Analysts also expected the rate of US refinery utilization to increase 0.6% percentage points over the week to 85.6%.

The more widely reported US Energy Information Administration stock data will be released at 14.30 GMT time (15.30 UK time) later today.