EIA data showing big US crude draw triggers futures rally

London (Quantum Commodity Intelligence) - Oil futures have rallied after the US government reported a 5.9 million barrel draw in commercial crude stocks and a 1.1 million barrel draw in strategic crude reserves in a week where crude exports dropped 855,000 b/d, Wednesday afternoon.

Distillate stocks also drew 2.9 million barrels over the week to April 9.

But there was still a mild 300,000-barrel gain in gasoline stocks to build on last week's 3.5 million build.

Implied gasoline and distillate demand both recovered last week's losses to climb to 8.944 million b/d and 4.128 million b/d respectively, the former up 162,000 b/d and the latter up 464,000 b/d.

Total US implied oil product demand rebounded to 20.32 million b/d, up just over 1 million b/d from a week earlier.

US refinery utilization rates gained a percentage point for the second week running to climb to 85%. Gulf Coast run rates jumped higher to 86.3% from 83.1% over the week to April 2.

June Brent hit a high of $66.44/b after the release of the oil statistics and the front-month crude future was still trading at $66.26/b by 16.30 UK time, up $2.38/from the same time yesterday.