Large US crude stock draw offset by rise in gasoline and diesel barrels: EIA

London (Quantum Commodity Intelligence) - US crude stocks fell by 5.1 million barrels over the seven days to May 28 amid a jump in refinery run rates, weekly data from the Energy Information Administration showed Thursday, far outstripping analyst estimates.

But the report also saw a rise in gasoline and distillates stocks, despite the start of the US driving season. 

Data v expectations

The commercial crude oil stock draw of 5.1 million barrels was more than double the average expectation of 10 analysts polled by Reuters, who forecasted a draw of 2.4 million barrels.

Gasoline stocks were up 1.5 million barrels over the week to May 28 versus expectations of a 1.5-million barrel drop in stocks. 

Distillate stocks were up 3.7 million barrels, again in contrast to the expectation of a 1.5-million barrel drop.

In the other major products, jet fuel stocks were up 100,000 barrels, ethanol stocks were up 600,000 barrels and residual fuel stocks were down 300,000 barrels.

Overall, total oil stocks, excluding the strategic reserve, were up 1.9 million barrels, up 0.2% from a week earlier.

Total products supplied averaged 19.140 million bpd, down 816,000 bpd from a week earlier.

US refinery utilization averaged 88.7% over the week, up 1.7 percentage points on the week.

Snapshot

Commercial crude: down 5.1 million barrels

Gasoline: up 1.5 million barrels

Distillates: up 3.7 million barrels

Jet: up 100,000 barrels

Residual fuel oil: down 300,000 barrels

Ethanol: up 600,000 barrels

Refinery utilization: 88.7%, up 1.7 percentage points