US commercial crude oil stocks fall by over 10M bbls

Oil

US commercial crude oil inventories declined by 10.6M bbls w-o-w to 526M bbls during the week ending July 24, the lowest level since the week ending April 17, according to the US Energy Information Administration (EIA). This is still an increase of 89.4M bbls y-o-y however, with stocks around 17% above the five-year average for this time of year. Crude oil imports fell by 800K b/d w-o-w to 5.1 M b/d, which is 1.5M b/d lower than the same week last year. Refinery utilisation rose by 1.6% w-o-w to an average of 79.5%, with crude oil throughput growing by 390K b/d w-o-w to 14.6M b/d.