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US Crude Stocks Fall Amid Record Refinery Inputs

Oil

US crude stocks fell by 3.6M bbls in the week ending 21 April to 528.7M bbl, according to the latest data from the US Energy Information Administration.  The decline came despite a 1.1M b/d rise in crude imports to 8.9M b/d as refinery crude inputs rose by 347K b/d week-on-week to a record 17.3M b/d (as refineries operated at over 94% capacity), 1.44M b/d higher than the same week last year. Crude exports grew to the second highest weekly level on record at 1.15M b/d, more than double the volume in the previous week. Meanwhile, gasoline inventories rose by 3.4M bbls to 241M bbls, driven by a hike in East Coast stocks, as imports increased by 73K b/d to 916K b/d, the highest weekly volume since September.