US crude oil stocks increase on higher output
US commercial crude oil inventories grew by 4.3M bbls w-o-w and 53.6M bbls y-o-y to 492.4M bbls during the week ending October 23, according to the US Energy Information Administration (EIA). Stocks hit a three-week high, supported by a rise in crude output which jumped up by 1.2M b/d w-o-w to 11.1M b/d, the highest level since the end of July. Stocks are around 9% above the five-year average for this time of year. Crude oil exports increased by 420K b/d w-o-w and 130K b/d y-o-y to 3.46M b/d, with imports also rising by 550K b/d w-o-w to 5.66M b/d. Refinery throughputs increased by 360K b/d w-o-w to 13.4M b/d, however this is a decline of 2.61M b/d y-o-y. Refinery utilisation rose by 1.7% w-o-w to an average of 74.6%, after previously falling for the past two weeks.