US commercial crude stocks fell 10.3 million barrels to 390.69 million barrels for the reporting week ended May 16, American Petroleum Institute data showed Tuesday.
The draw is far larger than analysts had expected. A Platts survey of analysts Monday showed stocks were expected to have fallen 300,000 barrels.
NYMEX July crude rose to $102.90/b in electronic trading shortly after the data. The contract had earlier settled at $102.33/b.
The draw comes amid a sharp, 468,000 b/d decline in US Gulf Coast crude imports, which fell to 3.52 million b/d last week. USGC crude runs edged higher, up 47,000 b/d to 8.28 million b/d.
These factors combined to cut USGC crude stocks by 6.41 million barrels to 202.05 million barrels.
Total US imports fell 860,000 b/d to 6.78 million b/d, while crude runs rose 170,000 b/d to 15.87 million b/d.
The increase in runs helped to boost US refinery utilization 1.2 percentage points to 90.3% of capacity. Analysts had been expecting a smaller, 0.5 percentage point increase.
Meanwhile, crude stocks at Cushing, Oklahoma -- the delivery point for the NYMEX crude contract -- fell 261,000 barrels to 23.22 million barrels. Greater Midwest stocks fell 898,000 barrels to 89.69 million barrels.
US Atlantic Coast stocks dropped 1.63 million barrels to 11.16 million barrels, amid a 375,000-b/d decline in imports, which fell to 615,000 b/d. USAC crude runs rose 39,000 b/d to 1.15 million b/d.
West Coast regional stocks fell 1.36 million barrels to 56 million barrels.
US distillate stocks rose 1.36 million barrels to 116 million barrels last week, counter to analysts' expectations of a 250,000-barrel draw.
The build was largest in the Midwest, where stocks rose 717,000 barrels to 28.55 million barrels.
USGC ULSD production was steady around 2.39 million b/d, while ULSD stocks fell slightly, down 267,000 barrels to 31.25 million barrels.
US gasoline stocks rose 135,000 barrels to 214.41 million barrels, in line with analysts' expectations.
Stocks on the USAC -- home to the New York Harbor-delivered NYMEX RBOB contract -- rose 675,000 barrels to 56.1 million barrels amid a 113,000 b/d increase in production.
