US crude oil throughputs rise to three-month high

Oil

US crude oil refinery throughputs increased by 420K b/d w-o-w to 14.3M b/d during the week ending November 20, climbing for the second consecutive week to the highest level since the week ending August 21, according to the US Energy Information Administration (EIA). This is a decline of 2.07M b/d y-o-y however. Refinery utilisation also rose by 1.3% w-o-w to an average of 78.7%, falling by 10.6% y-o-y. Commercial crude oil inventories decreased by 800K bbls w-o-w to 488.7M bbls, after previously building for the past two weeks in a row. Crude oil imports declined by 30K b/d w-o-w and 960K b/d y-o-y to 5.23M b/d, whereas exports edged up by 80K b/d w-o-w to 2.83M b/d.