US gasoline inventories see large drop in latest week, EIA says

Oil inventory levels Stateside saw only a small drop over the latest reference week, albeit alongside a large drop in those for some product stockpiles.

Commercial US crude oil stockpiles decreased by 0.9m barrels over the week ending on 10 June to reach 531.5m, according to the Energy Information Administration, the US Department of Energy’s statistical arm.

Gasoline inventories on the other hand were down by 2.6m barrels, while those for distillates increased by 0.8m.

Refineries operated at 90.2% of their capacity last week.

Crude oil imports declined by 83,000 barrels a day over the last week to average over 7.6m barrels each day.

As 16:05 BST front month West Texas Intermediate crude oil futures were off their lows of the session but still in the red by 0.56% to $48.22 per barrel.