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US crude stock decline accelerates

Oil

US crude oil inventories fell by 6.8M bbls to total 470.6M bbls in the week ending 5 June, according to the US Energy Information Administration. This is the largest w-o-w fall since July 2014. US crude refinery inputs rose by 169K b/d to 16.6M b/d, the highest since December 2014 and only 51K b/d below last year's record volume. Notably, US Gulf crude runs increased by 67K b/d w-o-w to a second-consecutive weekly record of 8.9M b/d. US crude imports fell 750K b/d w-o-w to 6.6M b/d.