US commercial crude oil stocks reach record high

Oil

US commercial crude oil inventories grew by 5.7M bbls w-o-w to a record high of 538.1M bbls during the week ending June 5, around 14% higher than the five-year average for this time of year, according to the US Energy Information Administration (EIA). Refineries operated at 73.1% of their capacity, an increase of 1.3% w-o-w. Refinery inputs rose for the fourth consecutive week, gaining by 178K w-o-w to 13.5M b/d. Crude oil imports grew by 700K b/d w-o-w to 6.9M b/d, which is 13.3% lower than the same week last year.