US crude stocks fall for second week in a row

Oil

US crude oil inventories declined by 2.2M bbls w-o-w to total 484.8M bbls in the week ending 8 May, according to the US Energy Information Administration. US crude refinery throughputs slipped by 379K b/d from the previous week to average 16.0M b/d. US crude imports rose by 340K b/d w-o-w to average 7.2M b/d. Product stocks also fell, with US gasoline stocks declining by 1.14M bbls from the prior week to 226.7M bbls and distillate fuel oil stocks dropping 2.5M bbls w-o-w to 128.3M bbls.