US crude oil stocks rise

Oil

US commercial crude oil inventories increased by 500K bbls w-o-w and 67.4M bbls y-o-y to 492.9M bbls during the week ending October 2, after previously being drawn down for the past three consecutive weeks, according to the US Energy Information Administration (EIA). This is around 12% above the five-year average for this time of year. Crude oil exports fell after reaching a four-month high last week, declining by 850K b/d w-o-w to 2.7M b/d. Crude oil imports grew by 610K b/d w-o-w to 5.7M b/d, however this is a decline of 490K b/d y-o-y. Refinery throughputs increased by 180K b/d w-o-w to 13.9M b/d, with refinery utlisation also increasing by 1.3% w-o-w to average 77.1% of operable capacity, a six-week high.