US crude stocks drop 6.7 million barrels, but gasoline stocks rise, says EIA

Quantum Commodity Intelligence - US crude stocks dropped 6.7 million barrels over the week to June 25, slightly more than analysts expected, to extend the fall to six weeks, data from the US Energy Information Administration showed Wednesday.

A poll by Reuters of ten analysts expected crude stocks would drop 4.7 million barrels, although the forecasts ranged from a drop of 2.2 million to 10.4 million barrels.

After six weeks of draws, US crude stocks have fallen 33.7 million barrels since April 30.

US gasoline stocks gained 1.5 million barrels, against expectations of a drop of 900,000 barrels.

Gasoline stocks fell last week by 2.9 million barrels, but had built over the previous three weeks, and levels on June 25 of 241.6 million were 9.1 million barrels higher than May 21.

Distillate stocks fell 900,000 barrels, also contrary to analyst expectations of 500,000 barrel rise.

Key stock figures (million barrels)

Commercial crude and product stocks: 1901 m barrels, -6.0 m barrels on week.

Commercial crude stocks: 452.3 m barrels, -6.7 m barrels on week.

Strategic crude stocks: 622.5 m barrels, -1.4 m barrels on week.

Gasoline stocks: 241.6 m barrels, +1.5 m barrels on week.

Middle distillate stocks: 137.1 m barrels, -0.9 m barrels on week.

Jet stocks: 44.7 m barrels, -0.2 m barrels on week.

Diesel stocks: 124.1 m barrels, -1.3 m barrels on week.

Residual fuel stocks: 31.1 m barrels, -1.3 m barrels on week.

Propane/propylene stocks: 57.5 m barrels, +1.2 m barrels on week.

Ethanol stocks: 21.6 m barrels, +0.5 m barrels on week.

Key demand figures (million barrels per day)

Total oil products: 20.9 million bpd, +0.15 million bpd on week.

Gasoline: 9.173 million bpd, -0.27 million bpd on week.

Jet: 1.435 million bpd, -0.15 million bpd on week.

Middle distillates: 4.17 million bpd, +0.22 million bpd on week.

Residual fuels: 0.342 million bpd, +0.05 million bpd on week.

Propane/propylene: 0.993 million bpd, -0.02 million bpd on week.

Key production and trade figures (million barrels per day)

Crude production: 11.1 million bpd, 0.0 million bpd on week.

Crude imports: 6.4 million bpd, -0.54 million bpd on week.

Crude exports: 3.7 million bpd, +0.07 million bpd on week.

Product imports: 2.4 million bpd, -0.5 million bpd on week.

Product exports: 5.0 million bpd, -0.49 million bpd on week.