US crude oil imports increase by 2M b/d

Oil

US crude oil imports grew to 7.2M b/d during the week ending 22 May, an increase of 2M b/d w-o-w and 1.3M b/d a day higher than the average level seen over the past four weeks, the US Energy Information Administration (EIA) reports. The rise in imports offset recent declines in domestic production, pushing stocks higher. After falling for two weeks in a row, commercial crude oil stocks grew by 7.9M bbls w-o-w to 534.4M, 59.7M bbls higher than the same week last year. Refineries operated at 71.3% of their capacity, up by 1.9% w-o-w, with inputs rising by 87K b/d w-o-w to an average of 13M b/d.