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US Crude Stocks Fall To 19-Month Low As Crude Runs Hold Near-Record High

Oil

US crude oil inventories fell by 8.95M bbls w-o-w (the largest fall since September 2016) to a 19-month low of 466.50M bbls in the week ending 11 August, according to the US Energy Information Administration (EIA). Stocks have now fallen for 7-consecutive weeks, with the total decline in this period at 42.72M bbls (the largest sustained draw in stocks since early 2014). The fall comes amid very strong crude runs, which declined by only 9K b/d from the prior week’s record-high to 17.57M b/d, with a 364K b/d w-o-w increase in US crude imports to 8.13M b/d insufficient to offset downward pressure on stocks.