EIA: US crude stocks slump last week

The Energy Information Administration released its report on US crude stocks, showing a big drawdown of 8.9 million barrels in the week ending August 11, compared to 6.5 million in the previous reading, while analysts expected a fall of 3.0M, with total stocks now falling to 466.5 million barrels, remaining within the uppermost range on average in this time of year.

Otherwise, gasoline stocks remained pretty much the same last week, while distillate inventories rose 0.7 million barrels, both remaining within the uppermost range on average in this time of year.