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US commercial crude oil stocks fall from record highs

Oil

US commercial crude oil inventories declined by 7.2M bbls w-o-w to 533.5M bbls during the week ending June 26, bringing to an end a three-week run of record highs, according to the US Energy Information Administration (EIA). This is still around 15% higher than the five-year average for this time of year. Crude oil imports decreased by 600K b/d w-o-w to 6M b/d, falling for the third week in a row. Refinery inputs grew by 193K b/d w-o-w to an average of 14M b/d, which is 3.3M b/d lower than the same week last year. Refinery utilisation was up by 0.9% w-o-w to 75.5% of operable capacity, increasing for the seventh week in a row.