US crude stocks decline for fifth-consecutive week
US crude oil stocks fell by 1.9M bbls w-o-w to the lowest total since March at 477.4M bbls in the week ending 29 May, according to the US Energy Information Administration. US crude imports increased by 677K b/d from the previous week to average 7.4M b/d. US crude refinery inputs edged downwards by 43K b/d w-o-w to 16.4M b/d, but this was still up by 350K b/d y-o-y. However, US Gulf Coast crude runs increased by 192K b/d from the prior week to a record 8.8M b/d.