US crude oil stocks rise

Oil

US commercial crude oil inventories increased by 4.3M bbls w-o-w and 39.7M bbls y-o-y to 488.7M bbls during the week ending November 6, rebounding after previously falling to a seven-month low last week, according to the US Energy Information Administration (EIA). Crude oil exports rose by 500K b/d w-o-w and 130K b/d y-o-y to 2.76M b/d, with imports also growing by 470K b/d w-o-w to 5.5M b/d. Refinery throughputs declined by 105K b/d w-o-w and 2.47M b/d y-o-y to 13.4M b/d, with refinery utilisation decreasing by 0.8% w-o-w to average 74.5%, a three-week low.