US crude stocks build, gasoline and diesel draws, says EIA

London, (Quantum Commodity Intelligence) - Crude oil inventories showed an unexpected build in the week ending 14 May, according to data released by the Energy Information Administration, rising 1.3 million barrels versus expectations of a 1.6 million barrel build.

The market was unflustered by the move, as crude oil was already on the slide before the data was released at 1530 London time on expectation of fresh Iran supply.

Data v expectations

Crude oil stocks showed a 1.3 million barrel build, 300,000 barrels short of expecations.

Gasoline stocks fell by 2 million barrels over the week to May 7 versus expecations of a 900,000 barrel draw.

Distillate stocks fell 2.3 million barrels, more than the forecast of a 400,000-barrel draw.

In the other major products, jet fuel stocks were up 800,000 barrels, ethanol stocks were unchanged and residual fuel stocks fell 200,000 barrels.

Overall, total oil stocks, excluding the strategic reserve, fell 2.1 million barrels.

Total products supplied averaged 19.272 million bpd up from 17.483 million b/d.

US refinery utilization rates fell 0.4% percentage points to 86.3% up 0.2 percentage points on the week.

Snapshot

Commercial crude: up 1.3 million barrels

Gasoline: down 2 million barrels

Distillates: down 2.3 million barrels

Jet: up 800,000 barrels

Residual fuel oil: down 200,000 barrels

Ethanol: down 1 million barrels

Refinery utilization: down 0.4 percentage points to 86.1%