US crude oil stocks continue to build

Oil

US commercial crude oil inventories increased by 800K bbls w-o-w and 39.1M bbls y-o-y to 489.5M bbls during the week ending November 13, growing for the second consecutive week, according to the US Energy Information Administration (EIA). Refinery throughputs rose by 395K b/d to 13.84M b/d, with refinery utilisation also increasing by 2.9% w-o-w to average 77.4%, the highest level since the week ending August 21. Crude oil imports declined by 250K b/d w-o-w and 720K b/d y-o-y to 5.25M b/d, while exports also edged down by 20K b/d w-o-w to 2.75M b/d.