WTI futures jump after latest DoE inventory figures

US oil and product stockpiles fell sharply during the latest reference week despite a sharp pick-up in imports.

During the week ending on 12 May, commercial US crude oil inventories fell by 1.8m barrels versus the prior week to reach 520.8m, according to the Energy Information Administration, the US Department of Energy's statistical arm.

In parallel, gasoline inventories fell by 0.4m barrels, while those of distillate fuels declined by 1.9m barrels.

Meanwhile, refineries operated at 93.4% of their operating capacity.

Crude oil imports on the other hand ran at an average rate of 8.6m barrels per day last week, 970,000 b/d more than in the week before.