EIA reports 3.3-m distillate draw, outstripping analyst views

London (Quantum Commodity Intelligence) - US distillate stocks fell by 3.3 million barrels last week to 139 million barrels, outstripping analyst estimates of a 600,000 barrel draw, according to weekly figures published by the Energy Information Administration.

Commercial stocks of crude rose 90,000 barrels to 493.1 million barrels in the week ending 23 April, while gasoline stocks rose by 100,000 barrels to 235.1 million barrels, the agency said.

That compares with expectations of a 700,000-barrel build for crude and a 500,000 barrel build for gasoline.

Residual fuel stocks were were static at 32.3 million barrels.

The drawdowns were driven by higher refinery utilization rates, which rose 0.4 percentage points to 85.4%, the EIA said.

The figures are broadly bullish for crude and futures rose immediately after the release.

The stock figures are released on a weekly basis and often move markets on publication.