US commercial crude oil stocks fall
US commercial crude oil inventories fell by 7.5M bbls w-o-w to 531.7M bbls during the week ending July 10, according to the US Energy Information Administration (EIA). This is still up by 75.8M bbls y-o-y, and is around 17% higher than the-five year average for this time of year. Total motor gasoline stocks declined by 3.1M bbls w-o-w to 248.5M bbls, the lowest level since the week ending March 27. Crude oil imports fell by 1.8M b/d w-o-w to 5.6M b/d, whereas exports grew by 160K b/d w-o-w to 2.5M b/d. Refinery inputs edged down by 38K b/d w-o-w to 14.3M b/d.