US crude draw outstrips market expectations

London (Quantum Commodity Intelligence) - US crude stocks fell by over 1.5 million barrels in the seven day period to May 21, weekly data from the Energy Information Administration showed, far oustripping analyst estimates.

The bullish report also saw big draws in gasoline and distillates as the refinery utilization rates fell.

Data v expectations

Commercial crude oil stocks drew 1.7 million barrels, more than expectations of a 1.1 million-barrel draw in a poll of analysts by Reuters.

Gasoline stocks also drew 1.7 million barrels over the week to May 21 versus expectations of a 600,000-barrel draw.

Distillate stocks drew 3 million barrels, far more than the forecast of a 1.9 million-barrel draw.

In the other major products, jet fuel stocks were up 800,000 barrels, ethanol stocks were down 500,000 barrels and residual fuel stocks were up 1.7 million barrels.

Overall, total oil stocks, excluding the strategic reserve, fell 9.3 million barrels, down 0.5% from a week earlier.

Total products supplied averaged 19.956 million bpd, up 685,000 bpd from a week earlier.

US refinery utilization averaged 87 percent over the week, up 0.7 percentage points on the week.

Snapshot

Commercial crude: down 1.7 million barrels

Gasoline: down 1.7 million barrels

Distillates: down 3 million barrels

Jet: up 800,000 barrels

Residual fuel oil: up 1.7 million barrels

Ethanol: down 500,000 barrels

Refinery utilization: 87%