EIA reports US 7.4-million barrel crude draw, gasoline stocks build

London (Quantum Commodity Intelligence) - US crude stocks fell a hefty 7.4 million barrels last week, EIA data showed Wednesday, far outstripping the 3.3 million-barrel draw analysts had expected.

Gasoline stocks were up 2 million barrels over the week to June 11, above analyst expectations of a 600,000-barrel draw.

As well as crude, there was also a draw in distillate stocks, which were down 1 million barrels, far less than an expected 200,000-barrel build.

US refinery utilization rates increased to 91.3%, up 2.6% from a week earlier.

Key stock figures

Crude stocks:  467 m barrels, -7.4 m barrels on week.

Gasoline stocks: 243 m barrels, +2.0 m barrels on week

Middle distillate stocks: 136 m barrels, -1.0 m barrels on week.

Jet stocks: 45 m barrels, +1.3 m barrels on week.

Diesel stocks: 124 m barrels, -0.6 m barrels on week.

Residual fuel stocks: 32 m barrels, -0.1 m barrels on week.

Propane/propylene stocks: 55 m barrels, +1.5 m barrels on week.

Ethanol stocks: 21 m barrels, +0.6 m barrels on week.

Key demand figures (deliveries of oil products)

Total oil products: 20.6 million bpd, +2.86 million bpd on week.

Gasoline: 9.4 million bpd, +0.88 million bpd on week.

Jet: 1.3 million bpd, +0.23 million bpd on week.

Middle distillates: 4.3 million bpd, +0.92 million bpd on week.

Residual fuels: 0.3 million bpd, -0.08 million bpd on week.

Propane/propylene: 0.7 million bpd, -0.05 million bpd on week.

Key production and trade figures

Crude production: 11.2 million bpd, +0.2 million bpd on week.

Crude imports: 6.7 million bpd, +0.11 million bpd on week.

Crude exports: 3.9 million bpd, +0.95 million bpd on week.

Product imports: 2.8 million bpd, +0.1 million bpd on week.

Product exports: 5.7 million bpd, +0.21 million bpd on week.