US commercial crude oil stocks reach a fresh record high

Oil

US commercial crude oil inventories grew by 1.2M bbls w-o-w to a fresh record high of 539.3M bbls during the week ending June 12, around 15% higher than the five-year average for this time of year, according to the US Energy Information Administration (EIA). Refinery inputs increased by 120K b/d w-o-w to 13.6M b/d, rising for the fifth consecutive week. Utilisation was up by 0.7% w-o-w to 73.8% of operable capacity. Crude oil imports declined by 220K b/d w-o-w to 6.6M b/d, which is 830K b/d lower than the same week last year.