US distillate stocks drop sharply, says API

London (Quantum Commodity Intelligence) - US distillates stocks fell heavily and there were also draws in gasoline and crude last week, according to data from the American Petroleum Institute.

Distillate stocks fell 5.137 million barrels over the week to May 21, far more than the 1.9 million barrel draw forecast in a poll of analysts by Reuters.

Gasoline stocks were down 1.986 million barrels, also more than the 600,000 barrel draw forecast.

The crude stock draw was modest, dropping 439,000 barrels over the week, and less than the 1.1 million barrel forecast.

Crude inventories in Cushing fell 1.153 million barrels, according to the API.

The US Energy Information Administration will launch its weekly oil report on Wednesday at 1530 UK time.