The Energy Information Administration released its report on US crude stocks, showing a drawdown of 4.7 million barrels in the week ending July 14, adding to a 7.6M drawdown in the previous reading, while analysts expected only a 3.6M drop, with total stocks now reaching 490.6 million barrels, remaining within the uppermost range on average in this time of year.
Otherwise, gasoline stocks fell 4.4 million barrels, while distillate inventories, including heating fuel, fell 2.1 million, both remaining within the uppermost range on average in this time of year.