US crude stock build countered by better than expected gasoline data

London (Quantum Commodity Intelligence) - U.S. commercial crude stocks climbed last week, contrary to forecasts of a draw down, but was countered by a smaller-than-expected build in gasoline stocks while refinery run rates held steady.

Crude inventories rose by 600,000 barrels in the week to April 16 to 493 million barrels, compared with analysts' expectations in a Reuters poll for a 3 million-barrel drop.

But US gasoline stocks rose by only 86,000 barrels in the week to 235 million barrels, the EIA said, compared with analysts' expectations for a 464,000 million-barrel rise.

Supplies of finished gasoline also edged higher to 9.1 million b/d from 8.94 million b/d a week earlier.

Distillate stocks also dropped 1.1 million barrels.

Refinery utilization rates were unchanged at 85% of overall capacity, but Gulf Coast refiners boosted capacity to their highest levels since March 2020, as demand for fuel improves.

Oil futures ticked slightly higher, with June Brent climbing from $65.73/b to a high $66.29/b twenty five minutes after the report, but oil futures dipped again later.