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US crude oil stocks continue to decline

Oil

US commercial crude oil inventories decreased by 700K bbls w-o-w to 488M bbls during the week ending November 27, falling for the second consecutive week to the lowest level since the week ending October 30, according to the US Energy Information Administration (EIA). This is still an increase of 40.9M bbls y-o-y however, with stocks remaining at around 7% higher than the five-year average for this time of year. Crude oil exports jumped up by 630K b/d w-o-w and 320K b/d y-o-y to 3.46M b/d, climbing to the highest level since the week ending October 23, with imports also rising by 170K b/d w-o-w to 5.4M b/d. Refinery throughputs fell by 250K b/d m-o-m and 2.79M b/d y-o-y to 14M b/d, with refinery utilisation also declining by 0.5% w-o-w to average 78.2%.