US crude oil stocks decline

Oil

US commercial crude oil inventories declined by 4.4M bbls w-o-w to 498M bbls during the week ending September 11, according to the US Energy Information Administration (EIA). This is an increase of 78.9M bbls y-o-y, with stocks remaining at around 14% above the five-year average for this time of year. Crude oil exports fell for the third consecutive week, declining by 350K b/d w-o-w and 580K b/d y-o-y to 2.6M b/d. Crude oil imports decreased by 420K b/d w-o-w to 5M b/d, which is 2M b/d lower than the same week last year. Refinery inputs rose by 710K b/d w-o-w to 13.5M b/d, with refinery utilisation also increasing by 4% w-o-w to average 75.8% of operable capacity.